en.Wedoany.com Reported - Saudi Arabia's Ades Holding Company (Ades) has secured two overseas drilling contracts in the UK and Nigeria, with a total value of 858 million Saudi riyals (approximately $229 million), as the company rebuilds business momentum after multiple contracts were suspended due to the Iran conflict.

The UK contract, valued at 483 million Saudi riyals, was signed with Neo Next Energy E&P UK and involves deploying a jack-up drilling rig in the North Sea. Operations are expected to begin in the fourth quarter of 2026, drilling two "firm wells" over 550 days. Ades stated that the contract confirms strong demand in the North Sea region, following a previous contract extension for a rig in the Netherlands.

The Nigeria contract was signed by Ades with Seplat Energy Producing Nigeria to provide an offshore jack-up drilling rig in the West African country. The contract is valued at 375 million Saudi riyals, with drilling expected to commence in the first quarter of 2027. The company had previously secured a contract worth 348 million Saudi riyals from Seplat in May and anticipates sustained strong demand for offshore activities in West Africa and Central Africa.

Ades had multiple contracts suspended after the outbreak of war between the US-Israel alliance and Iran forced Saudi Aramco to halt some drilling operations. Aramco CEO Amin Nasser stated in March that rigs could be redeployed within days once operations resume. Ades shares closed at 18.76 Saudi riyals on the Saudi stock exchange on Wednesday, up 8% since January 1. The Public Investment Fund holds nearly 24% of the company's shares.