ADES signs SAR 347.6M offshore rig contract in Nigeria

ADES Holding's jack-up rig

ADES Holding Co. signed a contract for Shelf Drilling Victory with Nigeria’s Seplat Energy.

The company said in a statement on Tadawul that the total value of the firm term only, including mobilization and start-up fees, amounted to approximately SAR 347.6 million ($92.7 million), including ADES’s local partner share.

The contract has a firm term of two years, with optional, unpriced extensions for two additional one-year periods.

Operations are expected to commence in the second half of 2026, following completion of the rig’s current activities in the country.

ADES noted that this contract reflects its strong confidence in the Nigerian market and reinforces its leadership position in the region, supporting its international geographic diversification strategy.

The new award follows recent contracts signed with West African Exploration and Production Co. (WAEP) in Nigeria for three premium jack-up rigs, underscoring its belief in Nigeria as a fast-growing market for drilling and exploration activities, driven by rising energy demand, national production targets, and increased upstream investment, the company added.