Riyadh - Mubasher: ADES Holding Company has secured a new offshore drilling services contract for the Shelf Drilling Fortress jack-up rig in the British sector of the North Sea.
The agreement, signed with NEO Energy E&P UK Limited, carries a total estimated value of SAR 483 million, which includes the firm period, two optional extensions, and mobilization fees.
The contract scope covers two firm wells with a minimum duration of 550 days. Additionally, the agreement includes two optional extension periods, each covering one well with a minimum duration of 275 days per extension.
Operations for the jack-up rig are scheduled to commence during the fourth quarter (Q4) of 2026.
This award follows a recent contract extension for the "Shelf Drilling Winner" rig in the Netherlands, reflecting a robust demand environment in the North Sea region.
ADES Holding, which operates a global fleet of 81 rigs and employs over 11,000 personnel, stated the contract aligns with its strategy to secure long-term backlogs and maintain high fleet utilization rates. The company currently manages 46 premium jack-up rigs and 40 onshore rigs across 20 countries.
Moreover, the group secured a new offshore drilling services contract in Nigeria valued at SAR 375.30 million ($100.10 million).
