ADES Secures New Contract for Shelf Drilling Fortress in the UK North Sea
| Element List | Explanation |
|---|---|
| Date of Announcement of the Award | 2026-07-15 Corresponding to 1448-02-01 |
| Contract Subject Matter | Contract For Offshore Drilling Services |
| The Entity with Which the Contract was Signed | NEO NEXT+ Energy E&P UK Limited |
| Date of Signing the Contract | 2026-07-15 Corresponding to 1448-02-01 |
| Contract Value | The total contract value, including the firm duration, optional extensions, mobilization and demobilization fees, is approximately SAR 483 million (equivalent to approximately USD 129 million). |
| Contract Details | ADES Holding Co. announces that it has secured a contract award for the Shelf Drilling Fortress jack-up rig in the UK North Sea with a North Sea operator. 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. Together, these awards reinforce the Group's strategy of securing long-term backlog, maintaining high fleet utilization and creating sustainable value for shareholders. |
| Contract Duration | The contract comprises two firm wells with a minimum duration of 550 days, in addition to two optional one-well extensions with a minimum duration of 275 days each. |
| Financial Impact and the Relevant Period | Operations are expected to commence during the fourth quarter of 2026. |
| Related Parties | N/A |
| Attached Documents |  |
