ADES Holding secures multi-year drilling rig contracts with West African Exploration & Production for offshore Nigeria field development
Type: Supply Agreement · Technology: Oil Gas · Country: Nigeria · Value: $729M · Announced: 2026-04-17
Offshore drilling contractor ADES Holding signed multi-year contracts with West African Exploration & Production (WAEP)—a subsidiary of the Dangote Group—for three premium jack-up rigs to support an offshore Nigeria field development campaign. The agreements, valued at approximately $729 million including mobilization and demobilization fees, cover a firm three-year term per rig with optional two-year extensions, with operations scheduled to commence in the second half of 2026. WAEP, a fast-growing energy player within the Dangote Group, will leverage ADES’s global fleet, including rigs relocated from other markets, to execute the upstream development program. The contracts also include a strategic partnership with Valiant Offshore, which will provide in-country manpower, logistics, and local support services, contributing to the total contract value. ADES’s CEO Mohamed Farouk highlighted the significance of the deal, noting Nigeria’s evolving role as a high-demand market for jack-up rigs and the company’s strengthened position in West Africa through the acquisition of Shelf Drilling.
Counterparties
- West African Exploration & Production (WAEP) (Buyer)
- ADES Holding (Supplier)
- Valiant Offshore (Partner)
- Dangote Group (Parent Company)