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ENERGY-
#1- Egypt-born oil and gas drilling company Ades Holding has pulled the plug on five of its 33 offshore jack-up rigs in Saudi, the Tadawul-listed firm said in a statement (pdf) last week. The suspension, which covers a maximum duration of 12 months, will allow rigs the flexibility to complete terms of new deployments before returning to service here. One of the suspended rigs will be deployed in Thailand starting the second half of 2024, while another will be set for a deployment within the region, Ades said, without providing further details.
#2- Tadawul-listed leading drilling contractor Arabian Drilling is in talks with Aramco to suspend three of its offshore rigs in Saudi, it said in a disclosure to Tadawul last week. No further details were provided on the suspension, which could run for up to 12 months.
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DEBT WATCH-
Saudi Electricity (SEC) has redeemed its USD 1.5 bn international sukuk due tomorrow, it said in a disclosure to Tadawul last week. Some 7.5k sukuk were redeemed at a par value of USD 200k each, with trading on the Euronext Dublin-listed sukuk set to end tomorrow. The sukuk were issued by the SEC in 2014.
REMEMBER- SEC raised big in a dual-tranche sukuk offering in February: SEC raised USD 2.2 bn from the sale of dual-tranche unsecured senior sukuk in February. The sukuk will be listed on the London Stock Exchange (LSE). It is part of a USD-denominated green and / or conventional sukuk program kicked off in March last year and is open to qualified international and local investors.
LOGISTICS-
The Jeddah Islamic Port saw the passing of a Folk Maritime ship — the Sunset X — for the first time ever, ports authority Mawani said in a news release.
BACKGROUND- Mawani has recently added a new shipping service — NRS by Folk Maritime — to its Jeddah Islamic Port to boost connectivity along ports in the North Sea. The service, which will offer a capacity of up to 1.3k TEUs, will link Jeddah Islamic Port to Yanbu Commercial Port, Neom Port, Jordan’s Aqaba and Egypt’s Sokhna.
