Saudi ADES Holding announces drilling contract award in Nigeria
Riyadh – ADES Holding Company's jackup drilling unit Admarine 501 has been awarded a contract with Nkuku Ikon Petroleum Development Company Limited for offshore drilling operations in Nigeria.
The new contract marks the final redeployment of ADES' suspended rigs in Saudi Arabia, according to a bourse statement.
The value of the charter contract between ADES and the in-country partner (Valiant) is estimated at SAR 45 million ($12 million), which represents a percentage of the total contract value between Nkuku and Valiant estimated at SAR 78.4 million ($21 million).
This aligns with the group's growth objectives to secure attractive opportunities for all suspended assets within one year.
Under the agreement, the Saudi company will drill two wells, with an option for two additional wells with a total estimated duration of 180 days.
Meanwhile, the operations are expected to commence in the second quarter (Q2) of 2025.
Last December, ADES Holding received a letter of award (LOA) for an offshore jack-up drilling contract in the Gulf of Thailand.
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