ADES Holding Company announced that it has secured a lease contract for its Admarine 501 jack-up offshore drilling rig in Nigeria, reinforcing its long-term presence in West Africa and successfully resuming operations for all previously suspended platforms.
According to the company’s statement on Tadawul, the cumulative contract value between ADES and its local partner, Valiant, is estimated at approximately SAR 45 million, representing a portion of the total contract value between Nkuku and Valiant, which stands at SAR 78.4 million.
The contract covers the drilling of two confirmed wells, with an option to drill two additional wells, for a total potential duration—confirmed period plus optional extension—of 180 days.
