ADES extends offshore rig contract in Nigeria; adds SAR 178M to backlog

Ades Holding Co. secured a one-year extension for the jack-up offshore rig Shelf Drilling Scepter contract with Chevron Nigeria, with an additional one-year extension option that remains unpriced.

In a statement to Tadawul, the company said the extension adds around SAR 178 million (about $47.5 million) to its confirmed backlog. The extension is a direct continuation of the current contract, which is set to expire in July 2026.

ADES continues to strengthen its presence in high-growth markets such as Nigeria, while reinforcing its base in GCC countries through scalable global operations, the statement added.

This comes amid supportive dynamics in daily rental rates and ongoing tender activity.