The ADES Holding Company offered 30% of its issued share capital in a $1.2 billion IPO on the Saudi Exchange in October 2023. As of Q1 2025, the oil and gas drilling company had a fleet of 91 rigs across 12 countries, and its project backlog reached $7.2 billion. In April 2025, it signed a 10-year contract renewal with Saudi Aramco for a suspended offshore jack-up rig in Saudi Arabia, with a total estimated backlog of $290 million.