ADES, the Saudi offshore drilling contractor, has successfully secured a one-year extension for the Shelf Drilling Tenacious rig in the waters of Angola, adding approximately 195 million Saudi Riyals (equivalent to $52 million) to its orders.
Contract Details and Start Date
This new contract, under the selection of an international oil company for an optional period, will commence immediately after the current rig contract ends in the first quarter of 2027. ADES has not disclosed the name of its client, but the 2007-built rig has been operating for Chevron's subsidiary, Cabinda Gulf Oil Company (CABGOC), since January 2022.
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Features of the Drilling Rig
The Baker Marine Pacific Class 375 drilling rig is capable of operating in water depths of up to 375 feet and drilling to a maximum depth of 30,000 feet. This rig has been utilized as part of Chevron's exploratory efforts in Angola, including the drilling of exploratory well 105-4X, where Chevron confirmed a condensate oil and gas discovery in August.
The recent extension follows a $50 million one-year contract that Shelf Drilling secured in August 2025, which kept the rig under contract until February 2027 and included an option for another year. The previous contract was also an extension worth $66 million for a duration of 15 months, announced in June 2024.
Impacts and Consequences
With the completion of its acquisition of the Dubai-based rig manufacturing company in November 2025, ADES took control of the Shelf Drilling fleet. This contract extension not only helps increase the company's revenue but also signifies the continuation of international collaborations in the oil and gas industry in the region. Given Chevron's exploratory activities, this contract could lead to future discoveries and further development of Angola's oil and gas resources.
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