Saudi oil and gas drilling contractor ADES Holding has secured a contract with Addax Petroleum, part of Sinopec Group, for its Admarine 510 jack-up drilling rig, which will be put to work offshore Cameroon in West Africa.
The contract is expected to begin in the fourth quarter of 2025, and covers a firm 12-month drilling campaign, with two optional extensions of six months each, for a total potential duration of up to 24 months.
The contract value associated with the firm period is approximately $34.4 million (SAR 128.9 million) including mobilization and demobilization.
The new contract award marks ADES’ entry into its 13th country of operations and consolidates the group’s growing footprint in West Africa.
“This award reflects the growing trust in ADES as a leading provider of offshore drilling services in the region, and we are particularly pleased to be working directly with Addax Petroleum, a reputable operator affiliated with a major national oil company.
“The award of this long-term contract reinforces our ability to respond quickly to new opportunities and sustain fleet deployment across our core markets.”
“Cameroon also offers a stable operating environment, which complements our broader regional strategy. By building on our recent successes in Nigeria and now expanding into Cameroon, we are building the right critical mass for optimized operations as we reinforce our long-term commitment to West Africa aiming to deliver high-quality, efficient, and safe drilling services to our clients,” said Mohamed Farouk, CEO of ADES Holding.