ADES International Holding has won a $92.7 million offshore drilling contract in Nigeria with Seplat Energy Producing Nigeria Unlimited, strengthening its growing footprint in West Africa’s oil and gas industry.
The agreement involves the deployment and operation of the Shelf Drilling Victory rig for an initial two-year term, with possible extensions. Valued at 347.6 million Saudi riyals, the deal converts to roughly $92.7 million based on current exchange rates.
Included in the contract are mobilisation expenses, start-up activities, and the involvement of a local Nigerian partner, reflecting efforts to increase domestic participation in offshore energy operations.
With this latest award, ADES’ total offshore contract value in Nigeria is estimated at about $843.5 million for the 2025–2026 period.
Nigeria has increasingly become a strategic market for ADES as the company pushes beyond its traditional base in the Middle East. Its entry into the country began in 2025 with a $21.8 million drilling and completion deal involving Brittania-U Nigeria Limited, where the Admarine 504 jack-up rig was used to drill six wells over one year.
The company’s presence has since expanded rapidly. In March 2026, ADES secured a much larger contract worth up to $729 million to operate three jack-up rigs under Nigeria’s Offshore Fields Development Project, awarded by a West African oil exploration entity associated with the Dangote Group.
Together, these agreements show ADES moving from smaller entry-level projects to large-scale offshore developments and longer-term partnerships with established players such as Seplat.
According to chief executive Mohamed Farouk, the company’s expansion into Nigeria forms part of a broader global growth plan focused on high-potential offshore markets.
“These extensions mark an important step following the acquisition of Shelf Drilling, reinforcing our strategic rationale of building a scaled, globally diversified platform with access to leading international markets and clients,” he said.
Farouk also described West Africa as a key growth region, citing rising demand for offshore drilling services.
“Our expanding international footprint allows us to capture opportunities across high-growth offshore markets like West Africa,” he noted.
He further stated that ADES is well positioned to adapt to changing market conditions, supported by its operational strength and asset base.
“Supported by a high-quality asset base and strong execution capabilities, we are well-positioned to navigate evolving market dynamics and deliver sustainable long-term growth,” he added.
Industry observers say Nigeria’s offshore oil sector is seeing renewed investor interest as producers aim to boost output amid shifting global energy demand. The country’s deepwater and shallow-water reserves remain central to its long-term production strategy.
For ADES, the latest contract further cements Nigeria as a key growth hub within its international portfolio, alongside expanding opportunities across Africa, Asia, and other emerging offshore markets.