ADES Holding Company, a provider of oil and gas drilling services that is part of the Saudi Arabia-based ADES group, has secured new work for its drilling rig built in 2007 off the coast of Angola with Cabinda Gulf Oil Company (CABGOC), a subsidiary of the American company Chevron.
Contract Details
Following the granting of a 15-month contract in June 2024 for the Shelf Drilling Tenacious rig, Chevron's subsidiary has opted to extend the contract for one year to supply the rig until February 2027. CABGOC, which also has an option for an additional year, has decided to exercise the remaining option under the valid rig contract that expires in the first quarter of 2027.
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As a result, this drilling rig will be operational off the coast of Angola until the first quarter of 2028. The total delay for the one-year extension is estimated at approximately 195 million Saudi Riyals (about 52 million dollars).
ADES's Role and Chevron's Explorations
ADES has emphasized that: "Exercising the option strengthens a solid and sustainable foundation in this region and ADES's ongoing role in supporting its clients' activities." Chevron recently made a discovery of oil and gas condensate in an exploratory well in Block 0 Angola and is expanding its exploratory activities in sub-Saharan Africa using the Shelf Drilling Tenacious rig.
The rig, built in 2007, features a Baker Marine Pacific Class 375 design and was last updated in 2022. It is capable of operating in water depths of up to 375 feet and has a capacity to accommodate 150 people.
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