Riyadh –  ADES Holding Company has expanded its global footprint after launching its oil and gas business in the eleventh country, according to a press release.

The company’s offshore jackup rig Admarine 504 has been awarded a drilling contract in Nigeria with Brittania-U, an integrated energy company that operates across the oil and gas value chain.

This award, which aligns with the Saudi group’s diversification strategy, marks its first entry into the dynamic West African oil and gas sector.

Admarine 504 will be mobilised from the Middle East to West Africa in the first quarter (Q1) of 2025, while the operations are expected to commence in Q2-25.

The deal involves drilling and completing six wells within an estimated duration of 365 days.

Meanwhile, ADES and Valiant Offshore Contractors Limited will jointly handle operating the rig.

The value of the charter contract between ADES and Valiant is estimated at SAR 81.80 million ($21.80 million), which represents a percentage of the drilling contract between Brittania-U and Valiant.

Mohamed Farouk, CEO of ADES Holding said: “This award is an important milestone in our global expansion journey, with West Africa and Southeast Asia together representing key growth geographies for ADES as we diversify our geographical footprint and capitalize on emerging opportunities in these undersupplied markets.”

“The group has successfully secured new awards for four of the five previously suspended rigs in record time, and we are confident in the Group’s ability to redeploy the remaining rig during the year,” Farouk added.

Last December, ADES Holding unveiled an offshore jack-up drilling deal in the Gulf of Thailand with an estimated backlog of SAR 1.03 billion. 

The Tadawul-listed group anchored its position in Southeast Asia with five jack-up rigs under contract in the region, including two in Thailand, two in Indonesia, and one in the Malaysia-Thailand Joint Development Area (JDA).

All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).