ADES notified of one-year extension option exercise for Angola rig

ADES said the backlog associated with the one-year optional extension amounts to nearly SAR 195 million

ADES Holding Co. announced that a major international oil company has exercised a one-year extension option on the existing contract for its Shelf Drilling Tenacious rig in Angola.

The extension option adds approximately SAR 195 million ($52 million) to the company's backlog, ADES said in a Tadawul statement.

The extension option period will commence immediately after the end of the rig’s current firm contract period in Q1 2027.

ADES noted the activation of the extension option underscores the region’s strong market fundamentals and the company’s continued role in supporting its clients’ operations.

According to data available on Argaam, Shelf Drilling announced in August 2025 the extension of the contract for its self-elevating offshore jack-up rig Shelf Drilling Tenacious with Chevron subsidiary Cabinda Gulf Oil for an additional year, valued at approximately $50 million.

The extension runs through February 2027, with the customer granted an option to extend the contract for another year. The rig has been operating off the coast of Angola since 2022.

ADES completed its acquisition of Shelf Drilling Ltd. in November 2025 through a cash merger.