Saudi oil and gas driller ADES has won its second contract for one of its jackup rigs offshore Nigeria.
The company has fixed the 2013-built Admarine 501 to Nkuku Ikon Petroleum Development following the deal with Brittania-U for its Admarine 504 unit last month.
The new contract, which includes a firm scope to drill two wells plus an option for two additional wells, marks the final redeployment of ADES’ suspended rigs in Saudi Arabia.
The campaign is set to start in the second quarter of 2025 and last for 180 days if all options are exercised.
Just like the first contract in Nigeria, operations of the rig will be jointly handled by ADES and in-country partner Valiant Offshore Contractors under a charter structure where ADES will provide the rig along with its senior crew and management systems to Valiant against a charter fee.
The value of the new charter is estimated at $12m.
