Gas
Ades secures jackup rig agreements with ONGC in India
Drilling services provider Ades has secured three-year contracts from India's Oil and Natural Gas Corporation for two jackup units.
Key points
- Ades will supply the Key Singapore and Admarine 10 rigs to ONGC.
- The agreements hold a combined value of approximately $117.2m, including mobilisation costs.
- Operations are scheduled to commence before the conclusion of the first quarter of 2027.
What happened
According to Offshore Technology, drilling services firm Ades has obtained fresh agreements from the state-controlled Oil and Natural Gas Corporation in India. The arrangement involves two standard jackup units, designated as Key Singapore and Admarine 10. Each unit is secured under a three-year firm term.
Financial details indicate that the total worth of these accords reaches approximately SR439.6m, equivalent to $117.2m, which incorporates mobilisation fees. Current schedules dictate that deployment for both maritime structures will get underway prior to the end of the initial quarter of 2027. This transition follows the completion of their existing operational commitments scheduled for the final quarter of 2026.
Market context
Ades stated that the fresh awards strengthen its longstanding footprint within the Indian jurisdiction and enhance its international order backlog. The firm pointed to a more favourable contracting climate across the region, driven by higher asset utilisation rates. Following its cash merger with Shelf Drilling completed in November of the previous year, the enlarged enterprise manages an extensive inventory consisting of 83 offshore installations and 40 onshore units. Its geographic footprint now spans 19 nations, supported by a total backlog exceeding $9.07bn.
Why it matters
For energy investors and industry participants in Africa and Nigeria, developments in the Asian offshore drilling sector offer key insights into global asset pricing and fleet deployment trends. Robust contracting environments in major markets like India reflect sustained upstream capital expenditure by national oil companies. With international oil benchmarks remaining at significant levels—such as Brent spot pricing recorded at 107.03 US dollars per barrel by the US Energy Information Administration in November 2026—service providers continue to benefit from strong demand for offshore drilling units. Understanding these global market dynamics helps regional policymakers and operators anticipate equipment availability and cost structures for offshore hydrocarbon exploration projects across emerging markets.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Gas is the flexible backbone of many grids and the designated transition fuel in many national plans, from LNG trade to domestic LPG and CNG. Supply security and pricing drive both power reliability and emissions.
2.9% of electricity in India came from gas in 2024Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
