ADES Expands Global Footprint to an Eleventh Country through a Jackup Drilling Contract in Nigeria, Marking its First Entry into West Africa
| Element List | Explanation |
|---|---|
| Date of Announcement of the Award | 2025-01-09 Corresponding to 1446-07-09 |
| Contract Subject Matter | Charter Agreement of Jackup Drilling unit |
| The Entity with Which the Contract was Signed | Valiant Offshore Contractors Limited |
| Date of Signing the Contract | 2025-01-08 Corresponding to 1446-07-08 |
| Contract Value | The value of the charter contract between ADES and Valiant is estimated at SAR 81.8 million (USD 21.8 million), which represents a percentage from the drilling contract between Brittania-U and Valiant. The charter revenue generated by ADES should be mostly reflected in its EBITDA and profitability. |
| Contract Details | ADES Holding co. , announce that its offshore jackup rig “Admarine 504” has been awarded a drilling contract in Nigeria with Brittania-U, an indigenous integrated energy company that operates across the oil and gas value chain in Nigeria. Contract Scope and Duration: The contract is to drill and complete six wells within an estimated duration of 365 days. Operations are expected to commence in the second quarter of 2025. Operating Structure: Operations of the rig to be jointly handled by ADES and Valiant Offshore Contractors Limited (in-country partner) under a charter structure, where ADES will provide the rig along with its senior crew and relevant management systems to Valiant against a charter fee. In return, Valiant shall fulfill its drilling obligations under its contract with Brittania-U. |
| Contract Duration | Contract Scope and Duration: The contract is to drill and complete six wells within an estimated duration of 365 days. |
| Financial Impact and the Relevant Period | Operations are expected to commence in the second quarter of 2025 |
| Related Parties | N/A |
| Attached Documents |  |
