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Ades signs two contracts for international offshore drilling platforms worth 862 million Riyals

Ades signs two contracts for international offshore drilling platforms worth 862 million Riyals

Addis Holding Company has signed two new contracts for offshore drilling rigs in the British sector of the North Sea and Nigeria, with a total value of 862 million Riyals (229 million USD). The first agreement is with "New Next & Energy E&P UK" for the "Shelf Drilling Fortress" rig in the North Sea, worth 483 million Riyals. It involves operating two wells for 550 days with two extension options. The second contract is with "Siplat Power Production" for the "Shelf Drilling Odyssey" rig in Nigeria, valued at 375.3 million Riyals, for a two-year period with an extension option, starting in the first quarter of 2027. These contracts reflect strong market demand and the company's strategy to secure long-term agreements and achieve high fleet utilization rates, supporting Addis's sustainable growth and expanding its business in global markets.

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