Saudi-based ADES Holding Company has secured a $92.7 million offshore drilling contract from Seplat Energy, marking a further expansion of its presence in Nigeria’s growing offshore sector. The agreement, announced in May 2026, covers the deployment of the Shelf Drilling Victory rig for an initial two-year period, as reported by Reuters and TradingView.
The contract, valued at approximately 347.6 million Saudi riyals, includes mobilisation, demobilisation, and participation from a local Nigerian partner. Operations are expected to begin in the second half of 2026 once the rig completes its current assignment, reinforcing ADES’ operational continuity in Nigerian waters, as detailed in company disclosures.
The deal builds on ADES’ broader expansion strategy across West Africa, where rising upstream investment and demand for offshore drilling rigs are creating new opportunities. The company has recently secured multiple contracts in Nigeria, including larger multi-rig agreements tied to field development projects, highlighting the country’s strategic importance within its global portfolio, as highlighted by industry reports.
Analysts say the contract underscores Nigeria’s renewed push to boost offshore production amid energy security concerns and higher oil prices. For ADES, the Seplat deal strengthens its foothold in one of Africa’s most active offshore markets, while positioning it to capture further growth as exploration and production activity accelerates across the region.
