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Ades Holding Co. Announces Contract Award with Addax Petroleum Cameroon Company S.A

2382
ADES
6.97 %
1446/12/05     01/06/2025 08:05:57

Element ListExplanation
Date of the Award 2025-05-30 Corresponding to 1446-12-03
Counterparty Addax Petroleum Cameroon Company S.A
Contract Value Approximately SAR 128.9 million associated with the one year firm period, including mobilization and demobilization.
Contract Details ADES Holding co. announce that it has been awarded a new contract for the use of Admarine 510 in Cameroon, marking ADES’ entry into its 13th country of operations and continuation of Company’s expansion across the high-potential West African market.

Contract Scope and Duration: The contract has been awarded by Addax Petroleum Cameroon Company S.A., part of Sinopec Group, a major national oil company (NOC). A one-year firm contract, commencing in Q4 2025, with two optional six-month extensions at mutually agreed rates, for a potential total duration of up to two years.

Related Parties Not Applicable
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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.

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