6 days ago
Saudi: ADES Holding expands West African footprint via $34.4mln contract award
Riyadh – ADES Holding Company has been awarded a SAR 128.90 million contract for the use of Admarine 510 in Cameroon, marking the Saudi group's entry into its 13th country of operations.
The one-year deal also aligns with the company's expansion across the high-potential West African market, according to a press release.
The contract has been awarded by Addax Petroleum, a subsidiary of Sinopec Group. It is expected to commence in the fourth quarter (Q4) of 2025.
The contract covers a firm twelve-month drilling campaign, with two optional extensions of six months each, for a total potential duration of up to 24 months.
Mohamed Farouk, CEO of ADES Holding, said: 'This award reflects the growing trust in ADES as a leading provider of offshore drilling services in the region, and we are particularly pleased to be working directly with Addax Petroleum, a reputable operator affiliated with a major national oil company.'
'The award of this long-term contract reinforces our ability to respond quickly to new opportunities and sustain fleet deployment across our core markets,' Farouk added.
He noted: 'By building on our recent successes in Nigeria and now expanding into Cameroon, we are building the right critical mass for optimized operations as we reinforce our long-term commitment to West Africa aiming to deliver high-quality, efficient, and safe drilling services to our clients.'
Last April, ADES Holding extended three of its offshore jackup rigs operating in Egypt, with a total estimated backlog value of SAR 673.50 million ($179.60 million).
