ADES Holding Company (ADES) has announced the award of a new offshore drilling contract in Nigeria for its jack-up rig Shelf Drilling Victory, marking another strategic milestone in the company’s international expansion.
The contract, awarded by a local independent oil and gas operator, covers a firm duration of two years, with options for two additional one-year extensions. Operations are scheduled to begin in the second half of 2026, following the completion of the rig’s current campaign within the country.
This latest award reinforces ADES’ growing confidence in the Nigerian energy market and strengthens its position as a leading regional drilling contractor. It also aligns with the company’s broader strategy to diversify its international portfolio and expand its footprint in high-growth offshore markets.
The contract follows closely on the heels of ADES’ recent agreements with the West African Exploration and Production Company (WAEP) for three premium jack-up rigs in Nigeria. Together, these developments highlight the company’s increasing focus on the country, which continues to attract significant investment driven by rising energy demand, ambitious national production targets, and renewed activity in offshore exploration and field development.
Contract Highlights:
- The agreement for Shelf Drilling Victory includes a firm two-year term, with two optional one-year extensions.
- The rig is expected to commence operations in H2 2026.
- ADES will deliver the project with the support of its in-country partner, ensuring strong local operational capabilities.
- The total contract value for the firm period, including mobilization and demobilization fees, is estimated at approximately SAR 347.6 million (USD 92.7 million), inclusive of the partner’s share.
The contract underscores ADES’ continued momentum in securing high-value offshore projects while deepening its presence in key international markets.
