ADES Holding Company, a global leader in oil and gas drilling services headquartered in Saudi Arabia, announced it secured a new contract with Addax Petroleum, a subsidiary of China’s Sinopec group. The agreement covers drilling and extraction services in offshore fields in Cameroon, marking a significant expansion into West Africa for the Saudi firm.

Valued at 128.9 millions Saudi riyals (approximately 20 billion CFA francs), the contract spans an initial 12-month period, with an option to extend for an additional 12 months. ADES will deploy its advanced Admarine 510 drilling platform for the operations.

This landmark deal establishes Cameroon as the 13th country of operations for ADES, following its entry into Nigeria just five months prior.

“We are pleased with the continued success of our diversification strategy, having extended our presence in West Africa to Cameroon, our 13th country of operations,” stated Dr. Mohamed Farouk, CEO of ADES. “This contract reflects the growing confidence placed in ADES as a leading provider of offshore drilling services in the region, and we are particularly pleased to be working directly with Addax Petroleum, a reputable operator affiliated with a major national oil company.”

Dr. Farouk further emphasized that “Cameroon also offers a stable operational environment, which complements our broader regional strategy.”

Addax Petroleum primarily conducts operations in Cameroon’s offshore Mokoko Abana fields and the Padouk-1X deposit. Riyadh-based ADES boasts a formidable fleet of 91 platforms, comprising 40 onshore rigs, 48 offshore rigs, two barges, and one mobile production unit, supported by a workforce exceeding 8,000 employees.

Source: Business in Cameroon