ADES signs SAR 858.3M offshore rig contracts in UK North Sea, Nigeria

The new awards strengthen ADES' offshore drilling portfolio in the North Sea and West Africa

ADES Holding Co. signed two contracts for offshore jackup rigs in the UK North Sea and Nigeria for a total of SAR 858.3 million, according to separate statements on Tadawul.

ADES said the first contract was signed with NEO NEXT+ Energy E&P UK Ltd. for the offshore jackup rig Shelf Drilling Fortress in the UK North Sea.

The SAR 483 million (around $129 million) contract includes the firm term, two optional extension periods, and mobilization and demobilization fees.

The contract comprises two firm wells with a minimum duration of 550 days, in addition to two optional one-well extensions with a minimum duration of 275 days each. Operations are expected to commence in Q4 2026.

ADES said the award reflects the strong demand in the North Sea and follows the recent contract extension secured for the Shelf Drilling Winner rig in the Netherlands. Together, these awards reinforce the group's strategy of securing long-term backlog, maintaining high fleet utilization rates, and delivering sustainable value to shareholders.

ADES signed another contract with Seplat Energy Producing Nigeria for the offshore jackup rig Shelf Drilling Odyssey in Nigeria. The contract has a total value of approximately SAR 375.3 million (around $100.1 million), including the share for ADES local partner.

It covers the firm contract period only and includes mobilization and demobilization fees.

ADES said the firm contract term is two years, with two unpriced optional one-year extension periods. Operations are expected to begin in the first quarter of 2027.

The company said the contract strengthens its position in Nigeria's offshore drilling market and reflects the strong demand environment and continued momentum in offshore activity across West and Central Africa.

The award follows the company's recent contract win for the Shelf Drilling Victory rig in Nigeria and builds on a series of contracts secured by ADES in the region during the first and second quarters of 2026, supporting the group's strategy of securing long-term backlog, maintaining high fleet utilization rates, and delivering sustainable value to shareholders.