Riyadh - Mubasher: ADES Holding Company has extended the drilling contract with Chevron Nigeria Limited for its premium jackup rig, Shelf Drilling Scepter, for one year, with a one-year unpriced option.
The extension adds approximately SAR 178 million ($47.50 million) from its firm period to the group’s backlog, according to a press release.
Meanwhile, the extension directly continues the rig’s existing contract, which is set to expire in July 2026. It further advances the group’s efforts to deepen its presence across West Africa and build a diversified, multi-geography platform.
The Saudi group reinforces its presence in high-growth markets such as Nigeria, which supports its objectives to expand its GCC base with scalable global operations.
Mohamed Farouk, CEO of ADES Holding, said: “This extension marks an important step following the acquisition of Shelf Drilling, reinforcing our strategic rationale of building a scaled, globally diversified platform with access to leading international markets and clients.”
“Supported by a high-quality asset base and strong execution capabilities, we are well-positioned to navigate evolving market dynamics and deliver sustainable long-term growth across our expanded global platform,” Farouk added.
In November 2025, ADES Holding acquired Shelf Drilling Limited through a cash merger to fuel its global expansion strategy.
The Tadawul-listed company posted net profits attributable to the owners of SAR 818.01 million in 2025.
