First published: 13-May-2026 17:56:21

Staff Writer

ADES Holding Company has secured its second rig contract in Nigeria this month taking the total value of the deals secured in the OPEC member to $141 million.

The 181 million Saudi riyals ($48.2 million) contract for its Main Pass IV standard jack-up rig was received from Belbop Nigeria Limited, the company said in a statement to the Saudi stock exchange on Wednesday.

The contract has a one-year firm term, with an additional one-year unpriced option. 

Operations under the new contract are expected to commence in the third quarter of 2026.

Earlier this month, the company secured an offshore drilling services contract valued at SAR 347.6 million from Nigeria’s Seplat Energy.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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