ADES wins contract in Nigeria; redeploys all suspended rigs

ADES Holding's jack-up rig

ADES Holding Co. announced that its jackup drilling unit, “Admarine 501”, has been awarded a contract by Nkuku Ikon Petroleum Development Co. for offshore drilling operations in Nigeria.

In a statement to Tadawul, the company said the charter contract was signed with its in-country partner, Valiant, estimated at SAR 45 million ($12 million). This represents a percentage of the total contract value between Nkuku and Valiant, which is forecast at SAR 78.4 million ($21 million).

For more news on listed companies

The new contract marks the final redeployment of the company’s rigs suspended in Saudi Arabia.

The Admarine 501 drilling unit will be jointly operated by ADES and an in-country partner under a charter structure, similar to the previous award for Admarine 504.

The contract includes a firm scope to drill two wells and an option for two additional wells with a total estimated duration (firm + option) of 180 days. Operations are expected to commence in Q2 2025, ADES stated.