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ADES Holding’s jack-up rig 
ADES Holding Co. was awarded, on May 30, a contract by Addax Petroleum Cameroon Ltd., valued for approximately SAR 128.9 million including mobilization and start-up fees, for a firm duration of one year.
In a statement to Tadawul, the company said that winning this new contract to operate its Admarine 510 jack-up offshore rig in Cameroon marks its entry into its thirteenth market, highlighting its continued expansion across promising markets in West Africa.
The company clarified that the contract was awarded by Addax, a subsidiary of Sinopec Group, one of the major national oil companies, noting that there are no related parties to the deal.
The contract has a firm duration of one year, starting in the fourth quarter of 2025, with the option to extend for two additional six-month periods at mutually agreed rental rates, bringing the potential total duration to two years.
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ADES Holding’s jack-up rig
ADES Holding Co. was awarded, on May 30, a contract by Addax Petroleum Cameroon Ltd., valued for approximately SAR 128.9 million including mobilization and start-up fees, for a firm duration of one year.
In a statement to Tadawul, the company said that winning this new contract to operate its Admarine 510 jack-up offshore rig in Cameroon marks its entry into its thirteenth market, highlighting its continued expansion across promising markets in West Africa.
The company clarified that the contract was awarded by Addax, a subsidiary of Sinopec Group, one of the major national oil companies, noting that there are no related parties to the deal.
The contract has a firm duration of one year, starting in the fourth quarter of 2025, with the option to extend for two additional six-month periods at mutually agreed rental rates, bringing the potential total duration to two years.
