… builds on earlier Dangote, Brittania-U agreements, expands Nigeria footprint in $843.5m offshore push (2025–2026)
Oredola Adeola
Saudi-based ADES International Holding, a subsidiary of ADES Holding Company, has stepped up its footprint in Nigeria with a new offshore drilling contract estimated at approximately about $92.7 million (equivalent to roughly ₦140–₦150 billion) covering the operation of the Shelf Drilling Victory offshore drilling rig for Seplat Energy Producing Nigeria Unlimited.
The contract has a duration of two years, with options to extend for an additional two terms, therefore the Saudi-based ADES’ cumulative offshore project value in Nigeria has risen to an estimated $843.5 million between 2025 and 2026.
The company, which is part of Saudi Arabia-headquartered ADES Group confirmed this in a statement obtained by Advisors Reports on Sunday, May 3, 2026.
ADES International Holding has further strengthened its offshore drilling footprint in Nigeria with the deal covering the operation of the Shelf Drilling Victory offshore rig for Seplat Energy Producing Nigeria Unlimited over a two-year period, with options for extension.
The contract includes mobilization and start-up costs as well as the participation of a local Nigerian partner.
ADES stated that the agreement, valued at about 347.6 million Saudi riyals, aligns with its strategy to deepen exposure in high-growth offshore markets, particularly in West Africa, where exploration and production activities continue to expand.
Advisors Reports’ check showed that in March 2026, ADES secured a much larger contract worth up to 2.73 billion Saudi riyals (approximately $729 million) for the deployment of three jack-up offshore drilling rigs under Nigeria’s Offshore Fields Development Project.
The contract was awarded by a West African oil exploration entity linked to the Dangote Group, marking a significant scale-up in ADES’ offshore operations and reinforcing its long-term positioning in Nigeria’s upstream sector.
Prior to these major deals sealed in 2026, ADES made its formal entry into Nigeria in 2025 through a one-year drilling and completion programme with Brittania-U Nigeria Limited.
The project involved the deployment of the Admarine 504 jack-up rig, valued at approximately $21.8 million, and covered the drilling and completion of six wells over a 365-day period.
That contract represented the company’s initial operational presence in Nigeria’s offshore oil and gas industry.
Advisors Reports’ review of the full suite of contracts indicates that ADES’ operations between 2025 and 2026 reflect a steady progression from its initial entry project with Brittania-U operations, to a large-scale offshore development linked to the Dangote Group, and further expansion into long-term, multi-rig engagements with Seplat Energy.
Overall, the company’s cumulative offshore project value in Nigeria over this period is estimated at approximately $843.5 million, underscoring Nigeria’s growing importance as a strategic growth hub within ADES’ global offshore drilling portfolio.
Dr. Mohamed Farouk, CEO of ADES Holding, revealed that following our successful expansion over the past couple of years into India and Southeast Asia, the company is made its foray into West Africa awards of deals in Nigeria, a country with high oil and gas potential and strong demand for drilling rigs in the coming years, particularly in the offshore jackup segment.
He said, “Those extension marks 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.
“Our expanding international footprint allows us to capture opportunities across high-growth offshore markets like West Africa.
“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 across our expanded global platform,” Farouk said.