Chevron Extends ADES Jack-Up Contract in Angola Through 2028

Cabinda Gulf Oil Company (CABGOC), a Chevron subsidiary, has exercised a one-year extension for the ADES-operated jack-up rig Shelf Drilling Tenacious, securing the unit for operations offshore Angola until the first quarter of 2028.

The extension, valued at approximately $52 million (SAR 195 million), follows a 15-month contract awarded in June 2024. By exercising the option years ahead of the rig’s previous February 2027 expiration, Chevron is signaling a long-term commitment to its Angolan exploration and production campaign.

The decision to lock in the 2007-built rig comes on the heels of a successful oil and gas condensate discovery at an exploration well in Block 0 earlier this year. The early exercise of the final option suggests that the discovery has provided sufficient confidence to move beyond initial exploration into sustained appraisal or development activity.

For ADES, the extension reinforces the stability of the West African jack-up market. The region is seeing increased demand as energy majors look to capitalize on recent discoveries, leading to a tightening of available high-specification tonnage capable of operating in depths up to 375 feet.

The Shelf Drilling Tenacious is a Baker Marine Pacific Class 375 design that underwent its last major upgrade in 2022. The rig is currently supporting Chevron’s momentum in Sub-Saharan Africa, where the major is expanding its footprint in mature basins like Block 0.

Source: Offshore Energy