The value of the charter contract between ADES and the in-country partner (Valiant) is estimated at SAR 45 million (USD 12 million), which represents a percentage of the total contract value between Nkuku and Valiant estimated at SAR 78.4 million (USD 21 million).
Contract Details
ADES Holding co. , announce that its jackup drilling unit “Admarine 501” has been awarded a contract with Nkuku Ikon Petroleum Development Company Limited for offshore drilling operations in Nigeria.
Operating Structure: Similar to the previous award for Admarine 504, the new contract for Admarine 501 will be jointly operated by ADES and an in-country partner under a charter structure.
Contract Duration
The contract includes a firm scope to drill two wells plus an option for two additional wells with a total estimated duration (firm + option) of 180 days.
Financial Impact and the Relevant Period
Operations are expected to commence in the second quarter of 2025.
Related Parties
N/A
Attached Documents
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