Riyadh - Mubasher: ADES Holding Company has secured a new offshore drilling services contract in Nigeria valued at approximately SAR 375.30 million ($100.10 million).
The agreement was signed with Seplat Energy Producing Nigeria unlimited, a leading independent energy company, according to a bourse disclosure.
The contract covers a firm operating period of two years and includes unpriced extension options for two additional years. The total contract value includes mobilization and commencement fees, as well as the share of the local partner of ADES Holding.
Operations for the Shelf Drilling Odyssey jack-up rig are expected to begin during the first quarter (Q1) of 2027.
This award follows the recent deployment of the Shelf Drilling Victory rig in the same market and builds on several contracts won by the group across West and Central Africa during the first and second quarters of 2026.
ADES Holding, which operates a fleet of 81 jack-up rigs and 40 onshore rigs across 20 countries, stated the deal aligns with its strategy to maintain high fleet utilization and secure long-term backlogs.
Last April, the company renewed the drilling contract with Chevron Nigeria Limited for its premium jackup rig, Shelf Drilling Scepter, for one year, with a one-year unpriced option.
In the first quarter (Q1) of 2026, the net profits attributable to the shareholders of ADES Holding jumped by 21.78% to SAR 236.44 million from SAR 194.15 million a year earlier.
