ADES secures award in Nigeria for jackup Admarine 501

ADES jackup drilling unit Admarine 501 has been awarded a contract with Nkuku for offshore drilling operations in Nigeria. Operations are expected to commence in Q2 2025.

Similar to the previous award for Admarine 504, the new contract for Admarine 501 will be jointly operated by ADES and an in-country partner under a charter structure. The value of the charter contract between ADES and the in-country partner (Valiant) is estimated at $12 million, which represents a percentage of the total contract value between Nkuku and Valiant estimated at $21 million.

The contract includes a firm scope to drill two wells plus an option for two additional wells with a total estimated duration (firm + option) of 180 days.