Saudi Arabia-based oil and gas drilling services provider ADES Holding has secured two offshore drilling contracts totalling around SR858.3m ($229.1m) for projects in Nigeria and the UK North Sea.
The company reported that the orders involve the use of the Shelf Drilling Odyssey rig for Seplat Energy Producing Nigeria and the Shelf Drilling Fortress rig for NEO NEXT+ Energy E&P UK.
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The UK North Sea contract covers two firm wells, with a minimum commitment of 550 days, and includes two potential extensions for one well each, which would add a minimum of 275 days per extension.
Operations under this agreement are due to start in the fourth quarter of 2026 (Q4 2026).
The total contract value, including the initial term, potential extensions, and mobilisation and demobilisation costs, comes to nearly SR483m.
In Nigeria, the agreement for the Shelf Drilling Odyssey rig with Seplat Energy Producing Nigeria has a two-year firm period, with the potential for two additional one-year extensions.
The commencement of operations is expected in Q1 2027.
The value for the firm period, including mobilisation and demobilisation fees and the in-country partner’s share, amounts to approximately SR375.3m.
The recent contract wins add to ADES’ activities in key offshore regions. In Nigeria, the Shelf Drilling Odyssey agreement follows a contract previously awarded for the Shelf Drilling Victory rig.
In Europe, the Shelf Drilling Fortress deal comes after the extension of the Shelf Drilling Winner contract in the Netherlands.
ADES said the new contracts reflect continued demand for its offshore drilling services and support its strategy to build a long-term backlog, maintain high fleet utilisation and deliver sustainable value to shareholders.
Last month, ADES Holding signed a contract worth SR1.07bn to acquire Saudi Arabian Saipem as part of efforts to expand its offshore rig fleet.
Saudi Arabian Saipem is a rig-owning entity and a subsidiary of the larger Saipem group, representing the Italian contractor’s shallow-water drilling operations in Saudi Arabia. The transaction was completed through ADES’ indirectly owned subsidiary, ADES Saudi.
