IssuerAnnouncementDetailsV2Portlet

Actions

ADES Secures New Award in Nigeria for Admarine 501, Eyeing Long Term Presence in West Africa; Completes Redeployment of all Suspended Rigs.

2382
ADES
3.92 %
1446/08/10     09/02/2025 08:02:30

Element ListExplanation
Date of Announcement of the Award 2025-02-07 Corresponding to 1446-08-08
Contract Subject Matter Charter Agreement of Jackup Drilling unit
The Entity with Which the Contract was Signed Valiant Offshore Contractors Limited
Date of Signing the Contract 2025-02-07 Corresponding to 1446-08-08
Contract Value 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  

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

Company Performance

Add To Watchlist
In your Watchlist
Add To Watchlist
Key Parameters
Last Price
Net Change  (%)
Value Traded (Sar)
Volume Traded
See The Company Profile

LoginPortletPopupv2

Actions

AddtoWatchlistv2

Actions
NO PORTLET SESSION YET