ADES wins SAR 2.73B jackup rig contracts in Nigeria

10:03 AM (Mecca time) Argaam
ADES Holding's jack-up rig

ADES Holding's jack-up rig

ADES Holding Co. said it signed multi-year contracts for three jackup rigs in Nigeria, with a total estimated value of SAR 2.73 billion ($729 million), including mobilization and start-up fees and the share of its local partner.

 

In a statement to Tadawul, the company said the contracts were signed with West African Exploration and Production (WAEP), a subsidiary of Dangote Group, to support the development of offshore fields in Nigeria.

 

It added that ADES’ local partner, Valiant Offshore, will provide local support services, including manpower, related local supplies, and the necessary logistics required to execute the program.

 

The company stated that each rig contract carries a firm term of three years, with an option to extend for an additional two years. Operations of the three rigs are expected to begin in the second half of 2026.

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