Riyadh - Mubasher: ADES Holding Company has received notification to activate a one-year optional extension for its Shelf Drilling Tenacious offshore drilling rig currently operating in Angola.
The contract extension, valued at approximately SAR 195 million ($52 million), was confirmed on 27 October 2026.
The agreement was signed with a major international oil company that is an existing client of the group.
Under the terms of the disclosure, the one-year optional period will commence immediately following the conclusion of the current firm contract term, which is scheduled to end during the first quarter (Q1) of 2027.
The company stated that the activation of this extension reflects the strong market fundamentals in the region and underscores its ongoing role in supporting the operational activities of its global clients.
ADES Holding noted that the financial impact of the extension will be reflected in its performance starting from the commencement of the new term in 2027. No related parties were identified in the transaction.
The group recently signed a new offshore drilling services contract in Indonesia valued at SAR 173.14 million ($46.17 million).
