ADES Secures USD 729 Million Nigeria Drilling Contracts

ADES

ADES

2382.SA

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On March 31, 2026, ADES Holding Company announced it has signed multi-year contracts with West African Exploration & Production Company Limited (WAEP), part of the Dangote Group, for offshore drilling services in Nigeria. The contracts involve three premium jackup drilling rigs with a total value of approximately SAR 2.73 billion (USD 729 million), including mobilization and demobilization fees and ADES' in-country partner's share. Each rig contract has a three-year firm duration with an optional two-year extension, and operations are expected to commence in the second half of 2026. ADES' in-country partner, Valiant Offshore, will provide local support services including manpower and logistical support for the field development campaign.

Original announcement:

https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=94015&anCat=1&cs=2382&locale=ar

Attached PDF document link:

https://www.saudiexchange.sa/Resources/fsPdf/24973_4926_2026-03-31_00-02-52_en.pdf

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