ADES secures $229m of offshore rig work in Nigeria, UK
Saudi drilling group ADES has secured $229 million in combined contracts for two jack-up rigs in Nigeria and the UK North Sea, underscoring strong offshore demand as it integrates a recent fleet acquisition.
ADES Holding Company has landed two new jack-up rig contracts worth a combined SAR 858 million ($229 million) in the UK North Sea and Nigeria. The assignments anchor long-term revenue for the Saudi drilling contractor amid a broader recovery in offshore oilfield services.
In West Africa, ADES will deploy the Shelf Drilling Odyssey for Seplat Energy Producing Nigeria, one of the country's leading independent energy companies. The two-year firm contract is valued at approximately SAR 375.3 million, including mobilization and demobilization fees, though this total encompasses the in-country partner's share. Operations are scheduled to commence in the first quarter of 2027, with local support provided by the rig owner's partner, and the deal also contains two unpriced one-year extension options.
The second assignment sends the Shelf Drilling Fortress to the UK North Sea to drill for an undisclosed operator. Slated to begin in the fourth quarter of 2026, the firm portion covers a minimum of 550 days across two wells. The contract includes two optional one-well extensions with a minimum duration of 275 days each, bringing the total potential value, including mobilization fees, to roughly SAR 483 million.
The company framed the wins as evidence of sustained offshore momentum in both regions. “The award further strengthens ADES’ position in the Nigerian offshore drilling market and reflects the healthy demand environment and continued momentum in offshore activity across West and Central Africa,” the firm stated. Regarding the European deal, ADES noted that the award “reflects the healthy demand environment in the North Sea and follows the recent contract extension secured by ADES in the region for the Shelf Drilling Winner in the Netherlands.”
“The contract follows the recent award of Shelf Drilling Victory in Nigeria and builds on a series of contract wins secured by ADES in the region during the first and second quarters of 2026, supporting the group’s strategy of securing long-term backlog, maintaining high fleet utilization and creating sustainable value for shareholders,” ADES added. “Together, these awards reinforce the group’s strategy of securing long-term backlog, maintaining high fleet utilization and creating sustainable value for shareholders.”
These contracts arrive less than a month after ADES sealed a deal to acquire Saudi Arabian Saipem, a transaction that will enlarge its jack-up fleet. Securing multi-year international work ahead of that integration reduces execution risk and demonstrates that the market can absorb the additional capacity.
