ADES Secures New Contract for Shelf Drilling Odyssey in Nigeria
| 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 | Seplat Energy Producing Nigeria unlimited |
| Date of Signing the Contract | 2026-07-15 Corresponding to 1448-02-01 |
| Contract Value | The total contract value for the firm period only including mobilization and demobilization fees is approximately SAR 375.3 million (USD 100.1 million), inclusive of ADES’ in-country partner’s share. |
| Contract Details | ADES Holding Co. announce that it has secured a contract award for the Shelf Drilling Odyssey jackup rig in Nigeria with Seplat Energy Producing Nigeria unlimited ("Seplat"), one of Nigeria's leading independent energy companies. 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 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. |
| Contract Duration | The contract duration comprises a two-year firm period, with two unpriced optional extension periods of one year each. |
| Financial Impact and the Relevant Period | Operations for the rig are expected to commence in the first quarter of 2027. |
| Related Parties | N/A |
| Attached Documents |  |
