ONGC Awards $117 Million Contracts to ADES for Two Offshore Jackup Rigs in India
New three-year contracts cover Key Singapore and Admarine 10; offshore drilling operations expected to commence by Q1 2027
Read in your preferred Language :
Saudi-listed offshore drilling contractor ADES Holding Company has secured two major contracts from Oil and Natural Gas Corporation Limited (ONGC) worth approximately $117.2 million (SAR 439.6 million) for the deployment of two jackup drilling rigs in Indian offshore waters.
The contracts cover two standard jackup rigs, Key Singapore and Admarine 10, with each rig receiving a firm contract period of three years. The combined contract value includes mobilisation fees for both rigs.
According to the company’s disclosure, the contracts were awarded on November 5, 2026, and announced through the Saudi Exchange on November 8.
Operations to Begin by First Quarter of 2027
Both rigs are currently engaged in existing drilling campaigns, which are expected to conclude by the end of the fourth quarter of 2026.
Following the completion of their current assignments, the two rigs will be deployed for ONGC, with operations under the new contracts expected to commence by the end of the first quarter of 2027.
The agreements will provide ADES with six combined rig-years of firm contracted work in India, strengthening its international order book and ensuring continued deployment of the two offshore drilling units.
Improved Market Conditions for Offshore Drilling
The contract awards come amid improving market conditions in the regional jackup drilling segment. ADES has pointed to strengthening rig utilisation rates as a factor contributing to a more favourable contracting environment.
Jackup rigs are mobile offshore drilling platforms equipped with extendable legs that can be lowered to the seabed, allowing the drilling platform to operate above sea level. They are widely used in shallow-water offshore oil and gas exploration and production.
For ONGC, the contracts provide continued access to offshore drilling capacity to support its exploration and production activities.
The latest agreements also underline the continuing demand for specialised offshore drilling services in India as the country’s largest upstream oil and gas producer pursues its offshore development programmes.
With the two rigs scheduled to transition to ONGC assignments by the end of March 2027, the contracts represent another significant international business win for ADES in India’s offshore energy sector.
