SNG: Saudi: ADES Holding expands West African footprint via $34.4mln contract award

About this update from Ades Holding Company

First published: 02-Jun-2025 13:35:15Staff WriterRiyadh – ADES Holding Company has been awarded a SAR 128.90 million contract for the use of Admarine 510 in Cameroon, marking the Saudi group’s entry into its 13th country of operations.The one-year deal also aligns with the company’s expansion across the high-potential West African market, according to a press release.The contract has been awarded by Addax Petroleum, a subsidiary of Sinopec Group. It is expected to commence in the fourth quarter (Q4) of 2025.The contract covers a firm twelve-month drilling campaign, with two optional extensions of six months each, for a total potential duration of up to 24 months.Mohamed Farouk, CEO of ADES Holding, said: “This award reflects the growing trust in ADES as a leading provider of offshore drilling services in the region, and we are particularly pleased to be working directly with Addax Petroleum, a reputable operator affiliated with a major national oil company.”“The award of this long-term contract reinforces our ability to respond quickly to new opportunities and sustain fleet deployment across our core markets,” Farouk added.He noted: “By building on our recent successes in Nigeria and now expanding into Cameroon, we are building the right critical mass for optimized operations as we reinforce our long-term commitment to West Africa aiming to deliver high-quality, efficient, and safe drilling services to our clients.”Last April, ADES Holding extended three of its offshore jackup rigs operating in Egypt, with a total estimated backlog value of SAR 673.50 million ($179.60 million).All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

View stock analysis, news, and events for Ades Holding Company