ADES Holding Company has announced a new contract for its jackup drilling unit, Admarine 501, with Nkuku Ikon Petroleum Development Company Limited for offshore operations in Nigeria. This award marks the successful redeployment of all of ADES’ previously suspended rigs in Saudi Arabia.
The contract, valued at SAR 45 million ($12 million), is part of a larger agreement between Nkuku and ADES’ in-country partner, Valiant, which totals SAR 78.4 million ($21 million). This achievement aligns with ADES’ strategy to secure profitable opportunities for its idled assets within one year.
The agreement covers the drilling of two wells, with an option for two more, and is estimated to last 180 days. Operations are scheduled to begin in the second quarter of 2025.
This win follows a letter of award received by ADES in December for an offshore jack-up drilling contract in the Gulf of Thailand.