7M Rig Contract “📝 BODY: Lagos, Nigeria – Saudi ADES Holding Company has announced a significant expansion of its African operations with a new offshore drilling contract worth $92. 7 million with Nigerian energy firm Seplat Energy.
The agreement, which covers the operation of the Shelf Drilling Victory rig, includes options for two additional one — year extensions, marking a strategic move for the company in the Nigerian oil and gas sector. This contract is part of a larger project valued at approximately $843. 5 million since 2025, reflecting ADES’aggressive growth strategy in Nigeria.
The deal follows a major contract worth up to $729 million secured in March 2026, which involved deploying three jack-up rigs under Nigeria’s Offshore Fields Development Project.
As ADES continues to establish itself as a leading global drilling operator, this latest contract underscores the company’s commitment to high-potential offshore markets, particularly in West Africa.
The partnership with Seplat Energy, a key player in Nigeria’s oil and gas industry, is expected to contribute significantly to ADES’international portfolio diversification. Chief executive Mohamed Farouk emphasized the strategic importance of the contract, noting that the expansion aligns with the company’s broader international growth strategy. “Our expanding international footprint allows us to capture opportunities across high-growth offshore markets like West Africa, “Farouk.
The contract’s implications extend beyond Nigeria’s borders, reflecting the broader trend of global energy companies seeking opportunities in Africa’s burgeoning oil and gas sector.
The Africa Continental Free Trade Area (AfCFTA) is expected to further enhance regional economic integration and investment flows, which could benefit companies like ADES.
However, the deal also raises questions about environmental and social impacts, especially with the increasing offshore drilling activities.
The need for stringent environmental regulations and responsible practices to mitigate potential risks is a concern that stakeholders and the public will be watching closely.
In conclusion, the $92. 7 million contract between Saudi ADES and Seplat Energy is a landmark deal that underscores the company’s commitment to Africa and its role in the global energy landscape.
As ADES continues to expand its operations, its approach to sustainable practices and environmental stewardship will be under the microscope.
*Additional reporting by ImNews | Sources consulted: 5*
—
This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Segun Adeyemi
