ADES Extends Nigeria Drilling Contract Worth $47.5 Million

ADES -0.47%

ADES

2382.SA

18.95

-0.47%

ADES Holding Company announced on April 12, 2026 a one-year contract extension with Chevron Nigeria Limited for offshore drilling services using its premium jackup rig Shelf Drilling Scepter. The contract, signed on April 9, 2026, adds approximately SAR 178 million (USD 47.5 million) to the Group's backlog and includes a one-year unpriced option. The extension continues directly from the existing contract expiring in July 2026, reinforcing ADES' international diversification strategy in high-growth markets beyond its established GCC base.

Original announcement:

https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=94328&anCat=1&cs=2382&locale=ar

Attached PDF document link:

https://www.saudiexchange.sa/Resources/fsPdf/26594_4926_2026-04-11_22-59-55_en.pdf

Important Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.

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