Latest news with #Admarine501
Zawya
10-02-2025
- Business
- Zawya
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. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Argaam
09-02-2025
- Business
- Argaam
ADES wins contract in Nigeria; redeploys all suspended rigs
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). 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.
