Saudi Driller ADES Secures Second Jackup Rig Contract in Nigeria
Saudi oil and gas drilling company ADES has recently announced its latest contract win for one of its jackup rigs in Nigeria.
The contract involves the utilization of the 2013-built Admarine 501 rig for Nkuku Ikon Petroleum Development, following a previous deal with Brittania-U for the Admarine 504 unit.
This new agreement includes a firm scope to drill two wells initially, with an option to drill two additional wells, marking the final redeployment of ADES’ suspended rigs in Saudi Arabia.
The drilling campaign is scheduled to commence in the second quarter of 2025 and is expected to last for 180 days if all options are exercised.
Similar to the previous contract in Nigeria, ADES will collaborate with in-country partner Valiant Offshore Contractors to oversee rig operations. Under a charter structure, ADES will provide the rig, senior crew, and management systems to Valiant in exchange for a charter fee.
The estimated value of the new charter is approximately $12 million.