Addis Saudi Arabia signs $93 million contract to provide drilling services in Nigeria
Excavation work will begin in the second half of the year.
Written by Ziad Abdel Fattah:
Saudi Arabia’s ADES Holding has signed a contract to provide marine services for the Shelf Drilling Scepter offshore drilling platform in Nigeria, worth 347.6 million Saudi riyals (US$93 million).
According to the disclosure published on the Saudi Stock Exchange (Tadawul) website today, Sunday, the contract was signed by one of the local independent oil and gas companies. The confirmed contract period is two years, with an optional, unpriced extension for two periods of one year each.
Two years is the confirmed contract period
The disclosure report revealed that it is expected to begin Platform works In the second half of 2026, after it has completed its current work in the country.
It is worth noting that last month the company obtained an extension of the offshore raised drilling platform contract «Shelf Drilling Scepter» with «Chevron Nigeria Limited» for a period of one year worth 178 million riyals.
The contract confirms confidence in the Nigerian market.
Addis explained that this contract confirms Addis' confidence in the market. Nigerian This reinforces its strategy for international geographic diversity.
She added that this follows the recent signing of contracts with WAEP in Nigeria for three premium offshore drilling rigs, confirming her conviction that Nigeria is a rapidly growing market for drilling, exploration and oil production activities, supported by rising energy demand, national production targets and increased investment in offshore exploration and development.
In addition, ADES Holding is considered one of the global companies in the drilling sector, based in Al-Khobar, and manages a fleet of 81 globally raised offshore drilling rigs. The new expansion aims to meet the increasing demand for energy and contribute to achieving production targets in the international markets in which the company operates.
It is worth noting that, a few days ago, Saudi Arabia’s ADES signed a multi-year offshore drilling services contract for the “Shelf Drilling Enterprise” platform in Thailand.
The total value of the contract, signed with Valoira Energy, for the confirmed period of 3 years is approximately 345 million Saudi Riyals (about 92 million US dollars), excluding start-up and relocation fees. This contract represents the beginning of a partnership with Valoira Energy and strengthens the group’s position in Thailand.
