Chevron keeps ADES’ 2007-built jack-up rig busy in Angolan waters for another year
This multimillion-dollar extension enables the 19-year-old jack-up rig to remain with Chevron’s subsidiary until February 2028.
ADES Holding Company, an oil and gas drilling services provider that is part of Saudi Arabia-headquartered ADES Group, has found more work for its 2007-built jack-up rig off the coast of Angola with Cabinda Gulf Oil Company (CABGOC), a subsidiary of the U.S.-headquartered energy giant Chevron.
Following a 15-month contract award in June 2024 for the Shelf Drilling Tenacious jack-up rig, Chevron’s subsidiary exercised a one-year contract extension to secure the rig until February 2027.
CABGOC, which also had one more option for an additional year left, has decided to make use of the remaining option in direct continuation of the rig's firm contract expiring in Q1 2027.
As a result, the jack-up will be occupied with work off the coast of Angola until Q1 2028. The total backlog for the one-year optional extension is approximately SAR 195 million (around $52 million).
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