ZAWYA: Saudi-listed ADES bags $93mln offshore drilling contract in Nigeria

About this update from Ades Holding Company

Staff WriterADES Holding Company has secured an offshore drilling services contract from Nigeria’s Seplat Energy, strengthening its presence in the African country.The contract duration for the “Shelf Drilling Victory” rig is two years and valued at 347.6 million Saudi riyals ($92.7 million), according to the company’s statement to the Saudi stock exchange.The contract value includes mobilissation and demobilisation fees, as well as ADES’s local partner’s share.Operations for the rig are expected to commence in the second half of 2026, following its current campaign in Nigeria.The contract includes optional unpriced extensions for two additional one-year periods.The deal follows contracts signed in March with West African Exploration and Production Company (WAEP), a Dangote Group subsidiary, for three premium jackup rigs.Nigeria is a fast-growing market for drilling and exploration activities, driven by rising energy demand, national production targets, and increased upstream investment, the statement said.(Editing by Anoop Menon) ([email protected])Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

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