ADES Holding Company, an oil and gas drilling services provider that is part of Saudi Arabia-headquartered ADES Group, has landed new multimillion-dollar assignments for two jack-up rigs in Africa and Europe.
ADES has secured a contract award for the Shelf Drilling Odyssey jack-up rig in Nigeria with Seplat Energy Producing Nigeriaone of the African country’s leading independent energy companies. The contract duration comprises a two-year firm period, with two unpriced optional extension periods of one year each.
The rig’s operations are expected to begin in the first quarter of 2027. The local in-country support services will be provided by the rig owner’s in-country partner. The total contract value for the firm period only, including mobilization and demobilization fees, is approximately SAR 375.3 million (around $100.1 million), inclusive of ADES’ in-country partner’s share.
The firm emphasized: “The award further strengthens ADES’ position in the Nigerian offshore drilling market and reflects the healthy demand environment and continued momentum in offshore activity across West and Central Africa.
“The contract follows the recent award of Shelf Drilling Victory in Nigeria and builds on a series of contract wins secured by ADES in the region during the first and second quarters of 2026, supporting the group’s strategy of securing long-term backlog, maintaining high fleet utilization and creating sustainable value for shareholders.”
Meanwhile, ADES has won a contract award for the Shelf Drilling Fortress jack-up rig in the UK North Sea with an undisclosed North Sea operator. The deal entails two firm wells with a minimum duration of 550 days, in addition to two optional one-well extensions with a minimum duration of 275 days each.
With operations anticipated to start during the fourth quarter of 2026, the total contract value, including the firm duration, optional extensions, mobilization and demobilization fees, is about SAR 483 million (equivalent to approximately $129 million).
ADES highlighted: “The award reflects the healthy demand environment in the North Sea and follows the recent contract extension secured by ADES in the region for the Shelf Drilling Winner in the Netherlands.
“Together, these awards reinforce the group’s strategy of securing long-term backlog, maintaining high fleet utilization and creating sustainable value for shareholders.”
These new assignments come less than a month after ADES sealed a deal with Saipem to acquire Saudi Arabian Saipem (SAS), enlarging its jack-up fleet.
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