Addax hires ADES rig for up to two years of drilling offshore Cameroon

Addax Petroleum has contracted ADES Holding Co. to provide a jackup rig for an extensive drilling campaign offshore Cameroon.

The Admarine 510 will likely start the 12-month firm drilling program during the fall. The contract includes two optional six-month extensions, potentially prolonging the hire by up to 24 months.

ADES estimates the total value of the firm period of SAR128.9 million ($34.7 million), including mobilization and demobilization.

The company has been looking to expand its operations offshore West Africa in recent years, and this will be its first assignment off Cameroon.

Addax is a subsidiary of Sinopec.