ADES has added fresh momentum to its offshore drilling portfolio after securing two new rig deals worth a combined $270.13m, reinforcing how tight the global jackup market remains.
The Saudi drilling company said Nigerian operator Belop, based in Lagos and active in oil and gas exploration and production, has awarded a new contract for its 1982-built jackup rig Main Pass IV, which is currently operating in Nigeria.
The deal runs for a firm period of one year, with an additional one year option that has not yet been priced. The firm part of the contract is valued at around SAR 180.7m, or approximately $48.2m.
The rig has recently completed its previous assignment in the region and is now being repositioned. Operations under the new contract are expected to start in the third quarter of 2026.
The second agreement concerns the 2014-built jackup Shelf Drilling Winner, working with Tenaz Energy in the Dutch sector of the North Sea. That contract has now been extended, turning an initial one-year firm period into a three year firm commitment, while keeping the optional extensions unchanged.
Originally signed in November 2025, the deal included one firm year plus two optional one-year extensions. The revision effectively locks in longer-term visibility for both operator and contractor.
In total, including the extended firm term and optional periods, the contract is now valued at roughly SAR 832.24m, or $221.93m.
Taken together, the two deals increase ADES’ firm backlog by $270.13m, underlining a broader industry trend: demand for capable offshore rigs remains strong, while available high-quality assets continue to be limited.
