ADES Boosts Backlog with $230M Nigeria, North Sea Deals
July 20, 2026
Saudi Arabian oil and gas drilling contractor ADES Holding has secured two offshore drilling contracts in Nigeria and the U.K. North Sea, worth $229 million combined, strengthening its backlog and jack-up fleet utilization.
The larger of the two awards covers the Shelf Drilling Fortress jack-up rig in the UK North Sea under a contract with an undisclosed operator. The agreement includes two firm wells with a minimum duration of 550 days and two optional one-well extensions with a minimum duration of 275 days each.
Operations are expected to begin in the fourth quarter of 2026. The total contract value, including the firm period, optional extensions, mobilization and demobilization fees, is about $129 million.
ADES also secured a contract for the Shelf Drilling Odyssey jack-up rig with Seplat Energy Producing Nigeria Unlimited in Nigeria.
The contract comprises a two-year firm period with two unpriced one-year extension options. Operations are expected to commence in the first quarter of 2027, with local in-country support services to be provided by ADES' in-country partner.
The value of the Nigerian contract, including mobilization and demobilization fees, is about $100 million for the firm period, including ADES' in-country partner's share.
ADES said the Nigerian award follows the recent contract for the Shelf Drilling Victory rig in the country, while the UK North Sea award follows a contract extension for the Shelf Drilling Winner rig in the Netherlands.
