ADES Holding Company, an oil and gas drilling services provider that is part of Saudi Arabia-headquartered ADES Group, has found more work for its 2007-built jack-up rig off the coast of Angola with Cabinda Gulf Oil Company (CABGOC), a subsidiary of the U.S.-headquartered energy giant Chevron.
Following a 15-month contract award in June 2024 for the Shelf Drilling Tenacious jack-up rig, Chevron’s subsidiary exercised a one-year contract extension to secure the rig until February 2027.
CABGOC, which also had one more option for an additional year left, has decided to make use of the remaining option in direct continuation of the rig's firm contract expiring in Q1 2027.
As a result, the jack-up will be occupied with work off the coast of Angola until Q1 2028. The total backlog for the one-year optional extension is approximately SAR 195 million (around $52 million).
ADES underlined: “The exercise of the option reinforces the robust underlying fundamentals in the region and ADES’ continued role in supporting its clients’ activities.”
Chevron made an oil and gas condensate discovery at an exploration well in Angola’s Block 0 a few months ago with the Shelf Drilling Tenacious rig, expanding its exploration momentum in Sub-Saharan Africa.
The 2007-built jack-up rig is of a Baker Marine Pacific Class 375 design and had its last upgrade in 2022. The rig, which can operate in water depths of up to 375 feet, can accommodate 150 people.