ADES Signs multi-year contracts for three premium jackup rigs in Nigeria, further strengthening its strategic long-term presence in West & Central Africa
| Element List | Explanation |
|---|---|
| Date of Announcement of the Award | 2026-03-30 Corresponding to 1447-10-11 |
| Contract Subject Matter | Contract For Offshore Drilling Services |
| The Entity with Which the Contract was Signed | West African Exploration & Production Company Limited (WAEP) |
| Date of Signing the Contract | 2026-03-30 Corresponding to 1447-10-11 |
| Contract Value | The total contract value including mobilization and demobilization fees is approximately SAR 2.73 billion (approx. USD 729 million), inclusive of ADES’ in-country partner’s share |
| Contract Details | ADES Holding Company announces that it has entered into a multi-rig contract with West African Exploration & Production (WAEP), part of the Dangote Group, for providing jackup drilling services offshore in Nigeria. The contracts include three of Company’s premium jackup drilling units which will undertake WAEP’s field development campaign offshore Nigeria. ADES’ in-country partner, Valiant Offshore, will provide in-country support services including the supply of manpower and related local supplies and logistical support required for the execution of the program. |
| Contract Duration | The contract duration for each of the awarded rigs is three years firm, with a two-year optional extension. |
| Financial Impact and the Relevant Period | Operations for the three rigs are expected to commence in the second half of 2026. |
| Related Parties | N/A |
| Attached Documents |  |
