Uche Cecil Izuora
ADES Holding Company’s jackup drilling unit Admarine 501 has been awarded a contract with Nkuku Ikon Petroleum Development Company Limited for offshore drilling operations in Nigeria.
The new contract marks the final redeployment of ADES’ suspended rigs in Saudi Arabia, according to a bourse statement.
Under the agreement, the Saudi company will drill two wells, with an option for two additional wells with a total estimated duration of 180 days.
Meanwhile, the operations are expected to commence in the second quarter (Q2) of 2025.
Last December, ADES Holding received a letter of award (LOA) for an offshore jack-up drilling contract in the Gulf of Thailand.
The value of the charter contract between ADES and the in-country partner (Valiant) is estimated at SAR 45 million ($12 million), which represents a percentage of the total contract value between Nkuku and Valiant estimated at SAR 78.4 million ($21 million).
This aligns with the group’s growth objectives to secure attractive opportunities for all suspended assets within one year.