Saudi oil and gas driller ADES has won a new contract for one of its jackup rigs from Africa-focused oil and gas player Tower Resources.
Tower Resources said that it issued a letter of award for one of ADES’s rigs, which, for now, is proposed to be the 2019-built Admarine 510.
The rig will drill the Njom-3 well on Tower’s Thali license in Cameroon in the fourth quarter of 2025.
The three-legged jackup will soon complete its five-yearly recertification project in Bahrain. A week ago, the rig was awarded a contract with Addax Petroleum for operations in Cameroon, set to begin in late 2025.
According to the company, it is intended that the rig drills the Njom-3 well for Tower before beginning operations with Addax.
The financial terms of the deal were left undisclosed. However, since the rig has already committed to move to Cameroon for other operators, this has enabled more favourable terms. The company claimed that the terms compare “very favourably to offers received from other rig owners” earlier this year and last year.
“Our rig selection process has been made a little more complex by the opportunity to coordinate our timing with that of other nearby oil and gas companies, including Addax Petroleum in particular, however, I believe it has resulted in a very good commercial outcome for all parties,” said Jeremy Asher, Tower Resources chairman and CEO.
