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ENERGY-
Ades Holding subsidiary Ades International Holding directly acquired two jack-up rigs in Southeast Asia from Vantage Drilling in a transaction valued at USD 190 mn, according to a statement (pdf). The acquisition covers the Topaz rig in the Malaysia-Thailand Joint Development Area, as well as shares held by Vantage subsidiary Rig Finance Limited in the Soehanah rig in Indonesia. Both agreements are expected to be finalized within the next three months, the statement said.
The breakdown: Ades will fulfill 10% of both transactions up front, with the remaining 90% to be paid at closing, it said in separate filings to the Tadawul (here and here). The Soehanah transaction is valued at USD 85 mn, while Topaz will set the oil and gas drilling company back some USD 105 mn.
MINING-
Amak eyes ramping up gold production next year: Al Masane Al Kobra Mining Company (Amak) will focus on laying the groundwork in the Khutainah block for gold production and developing orebodies in the Sukari 1, Sukari 2, and Al Aqiq sites as part of its 2025 growth strategy, unveiled yesterday in a filing to Tadawul. The company also plans to kick off underground mining at the Guyan gold mine, and start iron oxide production at the Nuham site next year.
More in the pipeline: Under the strategy, Amak plans to set up a new drilling and exploration company, build new facilities for sustainable dry tailings storage, and connect its facilities to the national power grid to bring down its carbon emissions.
CONSTRUCTION-
Malaysian construction company Eversendai Corporation was awarded a subcontract to install structural steel at the Speed Park Track in Qiddiya, Riyadh, as part of a MYR 1.1 bn raft of contracts awarded recently to the company, primarily in India, according to a filing to the Bursa Malaysia (pdf). The Speed Park Track is set to host the world’s biggest international motorsport championships, such as F1.
LOGISTICS-
PIF-owned Folk Maritime added a new shipping service to the Jeddah Islamic Port connecting it to the ports of Mundra and Nhava Sheva in India, state news agency SPA reported. Moreover, Folk contracted Oman’s Asyad Lines to operate two container ships on the new route.
INFRASTRUCTURE-
Al Baha Municipality broke ground on SAR 2 bn worth of projects on Sunday, including housing, utilities, environmental, and road developments, state news agency SPA reported. The municipality also signed agreements to build 755 new residential units for low-income households.
