ADES’ 2014-built rig turns one-year North Sea gig into three-year drilling job

May 18, 2026, by Melisa Cavcic

ADES Holding Company, which is part of Saudi Arabia-headquartered ADES Group, has secured a long-term extension for a drilling assignment its 12-year-old jack-up rig is undertaking in the Dutch sector of the North Sea.

Shelf Drilling Winner jack-up rig; Source: Shelf Drilling; now part of ADES

ADES has won a contract extension for the Shelf Drilling Winner rig with Tenaz Energy in the Netherlands, allowing the jack-up to continue carrying out operations in the Dutch North Sea. The rig owner explains that this converts the initial one-year firm term into a three-year firm term, while maintaining the same optional terms.

The deal, which began in mid-November 2025, was originally awarded a one-year firm plus two one-year optional extension periods. Following the extension, the contract now provides for a three-year firm commitment, while preserving Tenaz’s two additional one-year options.

The total potential contract value, including the new firm term and both optional extension periods, is approximately SAR 832.24 million (around $221.93 million). As a result, this extension increases ADES’ firm backlog and further enhances revenue visibility for the rig, while supporting its continued utilization in the Dutch North Sea.

The extended term is also perceived to reflect the company’s disciplined commercial approach and its focus on securing work for its fleet in a market environment that continues to be characterized by tight offshore supply and scarcity of capable assets. This contract extension comes shortly after ADES announced a one-year firm contract for its Main Pass IV standard jack-up rig in Nigeria.

Tenaz recently explained that three drilling rigs were active in the Netherlands during the first quarter of 2026, when the K07-FB-103 well was completed, enabling it to be brought online. The Shelf Drilling Winner rig moved to the K17 platform and commenced drilling the firm’s second operated well in the European country, K17-FA-103 (60% working interest).

These drilling operations continued into the second quarter, with the well expected to reach a targeted measured depth of approximately 5,500 meters. The company plans to fracture stimulate this well, which will add to the completion timeline, while it mobilizes a stimulation vessel, with an onstream date expected in Q4 2026.

Following the K17-FA-103, Tenaz intends to drill an additional horizontal, stimulated K17 well, and then to continue drilling operations elsewhere on its operated licenses, which is the reason why it handed out the two-year contract extension to ADES for the rig.

In addition, the oil and gas operator secured the Triton-10 jack-up barge under a multi-year contract to effect a more versatile workover and completion program beginning in Q3 2026.