ADES Extends North Sea Rig Contract to Three-Year Term
May 18, 2026
Offshore drilling contractor ADES Holding has extended the contract for Shelf Drilling Winner rig with Tenaz Energy Netherlands from a one-year to a three-year firm term for operations in the Dutch sector of the North Sea.
The company said the contract, which began in November 2025, originally included a one-year firm period with two one-year optional extensions.
ADES said the revised agreement preserves the two optional one-year extensions while increasing the firm commitment period to three years.
The total potential contract value, including optional periods, is around $221.9 million (SAR 832.24 million)
“This extension increases ADES’ firm backlog and further enhances revenue visibility for the Shelf Drilling Winner, while supporting continued utilization of the rig in the Dutch sector of the North Sea.
“The extended term also reflects ADES’ disciplined commercial approach and its focus on securing work for its fleet in a market environment that continues to be characterized by tight offshore supply and scarcity of capable assets,” ADES said in a statement.
In November 2025, ADES completed the acquisition of rival rig firm Shelf Drilling. The combined group operates a fleet of over 80 offshore jack-ups, including more than 45 premium units across the world’s most attractive basins.
