ADES Holding's jack-up rig
ADES Holding Co. was awarded, on May 30, a contract by Addax Petroleum Cameroon Ltd., valued for approximately SAR 128.9 million including mobilization and start-up fees.
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Under the new contract, ADES will operate its Admarine 510 jack-up offshore rig in Cameroon, marking the company’s entry into its thirteenth market and continued expansion across West Africa, according to a statement to Tadawul.
The company clarified that the contract was awarded by Addax, a subsidiary of Sinopec Group, one of the major national oil companies. There are no related parties to the deal.
The contract has a firm duration of one year, starting in the fourth quarter of 2025, with the option to extend for two additional six-month periods at mutually agreed rental rates, bringing the potential total duration to two years.
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