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Element List	Explanation
Date of Announcement of the Award	2026-05-14 Corresponding to 1447-11-27
Contract Subject Matter	Contract For Offshore Drilling Services
The Entity with Which the Contract was Signed	Tenaz Energy Netherlands B.V.
Date of Signing the Contract	2026-05-14 Corresponding to 1447-11-27
Contract Value	The total potential contract value, including the new firm term and both optional extension periods, is approximately SAR 832.24 million (approx. USD 221.93 million).
Contract Details	ADES Holding Co. announces that the contract for the Shelf Drilling Winner with Tenaz Energy Netherlands B.V. (“Tenaz”) for operations in the Dutch sector of the North Sea has been extended, converting the initial one-year firm term into a three-year firm term, while maintaining the same optional terms. This extension increases ADES’ firm backlog and further enhances revenue visibility for the Shelf Drilling Winner, while supporting continued utilization of the rig in the Dutch sector of the North Sea. The extended term also reflects ADES’ disciplined commercial approach and its focus on securing work for its fleet in a market environment that continues to be characterized by tight offshore supply and scarcity of capable assets.
Contract Duration	The contract has a three-year firm term, with two additional one-year options.
Financial Impact and the Relevant Period	The contract, which commenced in mid-November 2025, was originally awarded a one-year firm plus two one-year optional extension periods. Following the extension, the contract now provides for a three-year firm commitment, while preserving Tenaz’s two additional one-year options.
Related Parties	N/A
Attached Documents	Attached Documents

ADES Announces Contract Extension for Shelf Drilling Winner, Increasing Firm Backlog and Extending Revenue Visibility