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ADES Holding Company, a global provider of oil and gas drilling services, officially announced the contract extension of its Shelf Drilling Winner rig with Tenaz Energy Netherlands to continue operations in the Dutch sector of the North Sea.
The contract extension for the Shelf Drilling Winner rig
Through this agreement, the initial one-year firm term stipulated in the original commitment has been transformed into a three-year firm period, while the optional conditions previously agreed upon between both corporations remain unchanged.
The drilling contract, with operational activities beginning in mid-November 2025, initially contemplated one year of guaranteed work along with two optional twelve-month extension periods.
Following the signing of this amendment, Tenaz retains the right to exercise these additional extensions at the end of the new cycle. With this restructuring, the total potential value of the contract, calculating both the extended firm period and the two annual extension options, amounts to an estimated 832.24 million Saudi riyals, which is approximately equivalent to $221.93 million.
The contract extension increases ADES’s firm project backlog and optimizes its medium-term revenue visibility, while simultaneously guaranteeing the uninterrupted utilization of the rig in one of the energy industry’s most dynamic maritime zones.
The company’s management noted that this commercial achievement is the direct result of a disciplined approach and its ability to secure long-term assignments for its fleet in a complex international context, which continues to be defined by a considerably tight offshore supply and a marked shortage of high-quality drilling assets.
Headquartered in Al Khobar, ADES Holding Company consolidates its global presence across twenty countries and reaffirms its position as a leader by operating the world’s largest fleet of offshore jack-up rigs, consisting of eighty-one jack-up units, in addition to a drilling barge, a mobile production unit, and forty onshore rigs.
Supported by a workforce exceeding eleven thousand employees, the organization continues to provide cost-effective and efficient extraction services to national and international oil corporations in regions ranging from Southeast Asia and the Middle East to the Mediterranean and the North Sea.
Source and photo: ADES Holding