Ades Holding signed multi-year contracts to provide offshore drilling services in Nigeria. The contractor will deploy three premium jackup rigs for the West African Exploration & Production Company under a SAR 2.73 bn (USD 729 mn) agreement.

What’s in store? Each rig is contracted for three years, with an option to extend for two more. Operations are set to begin in the second half of 2026, with Nigeria's Valiant Offshore supporting with manpower and logistics.

Pushing forward with the strategy: Increased offshore activity and the strategic deployment of rigs across both existing and new markets helped push the company’s bottom line above analyst expectations to reach SAR 818 mn in 2025, while revenue went up 7.9% y-o-y to SAR 6.7 bn.

More backup: The expansion hedges against the halt of operations at several of Ades’ offshore drilling rigs in the GCC amid regional tensions that blocked transit through the Strait of Hormuz. The company says the firm’s steady geographic footprint — 123 rigs across 20 countries — will allow it to absorb local shocks without derailing the long-term growth trajectory.

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