ADES Holding Company has signed two new contracts for two offshore jack-up rigs in the UK sector of the North Sea and in Nigeria, with a total value of SAR 862 million ($229 million).

ADES clarified in a statement on Tadawul today, Thursday, that the first contract was signed with "Neo Next and Energy E&P UK" for the offshore jack-up rig Shelf Drilling Fortress in the UK sector of the North Sea, valued at SAR 483 million ($129 million), including the firm period, two optional extension periods, and mobilization and demobilization fees. It stated that the contract includes two firm wells with a duration of 550 days, in addition to two optional extension periods, each covering one well for 275 days. It expects the rig to start operations in the fourth quarter of 2026.

Mon, 11 2026

It added that the second contract was signed with "Seplat Energy" for the offshore jack-up rig Shelf Drilling Odyssey in Nigeria, valued at SAR 375.3 million ($100.1 million) including the share of ADES's local partner, covering only the firm period, including mobilization and demobilization fees. It noted that the contract duration is two years with unpriced optional extensions for two periods of one year each, and expects the rig to start operations in the first quarter of 2027.

It said that the contracts strengthen its position in both markets and reflect the strong demand environment and continued momentum of offshore activity. This follows its award of the Shelf Drilling Victory contract in Nigeria and the extension of the Shelf Drilling Winner contract in the Netherlands, building on a series of contracts it won in the first half of 2026, supporting ADES's strategy to secure long-term backlog, maintain high fleet utilization rates, and achieve sustainable value for shareholders.

Tue, 09 2026

The Board of Directors of ADES had recommended last month increasing its capital by 100% to SAR 2.25 billion, through a bonus share issue. The increase will be implemented by capitalizing SAR 1.12 billion from the share premium account, granting one share for every share held by shareholders on the entitlement date. This aims to support the long-term growth strategy by strengthening the capital base and reinforcing the shareholders' equity structure, reflecting the company's strong financial position, enhancing shareholder returns, and supporting future expansion plans.

ADES's first-quarter profit increased 22% year-on-year to SAR 236.5 million, supported by the contribution from the acquisition of "Shelf Drilling." Quarterly revenue grew 63% to SAR 2.39 billion, driven by operational excellence in its markets, along with contributions from recently entered markets and globally expanding operations.

Wed, 24 2026

The company had suspended the operations of some of its offshore drilling rigs in the Arabian Gulf at the end of last March due to ongoing regional tensions, to ensure the safety of its employees and assets, while it continues to monitor developments and ensure operational readiness. It noted that the group's size and geographical diversity, comprising 123 drilling rigs in 20 countries, enables it to handle such disruptions, supported by its diversified business model.

ADES, founded in 2022, operates in the field of contractual drilling services and maintenance of onshore and offshore wells related to oil and gas extraction. Its current market value is SAR 21.7 billion. ADES Investments holds a 36.5% stake in its capital, while the Public Investment Fund owns a total of 23.7% of the shares.