Chevron Locks In a 19-Year-Old Jack-Up Rig Off Angola Until 2028 With a $52 Million Extension
Chevron’s Angolan subsidiary is keeping a veteran drilling rig busy for another year. ADES Holding Company, a drilling services provider that is part of Saudi Arabia-headquartered ADES Group, has secured more work for its 2007-built jack-up rig off the coast of Angola with Cabinda Gulf Oil Company (CABGOC), a subsidiary of U.S. energy giant Chevron.
The rig, the Shelf Drilling Tenacious, won a 15-month contract in June 2024. CABGOC then exercised a one-year extension to secure it until February 2027, and has now used the one remaining option, in direct continuation of the firm contract expiring in the first quarter of 2027. The jack-up will now be working off Angola until the first quarter of 2028. The backlog for the one-year option is about SAR 195 million, around $52 million.
“The exercise of the option reinforces the robust underlying fundamentals in the region and ADES’ continued role in supporting its clients’ activities,” ADES said.
A few months ago, Chevron made an oil and gas condensate discovery at an exploration well in Angola’s Block 0 with the Shelf Drilling Tenacious, adding to its exploration momentum in Sub-Saharan Africa.
The rig is a Baker Marine Pacific Class 375 design, had its last upgrade in 2022, can operate in water depths of up to 375 feet and can accommodate 150 people.
Source: offshore-energy.biz
