If you give the provider full admin, they can technically do anything to your server that PHP would be able to do (by using the editor part of a given theme to add whatever commands they like). PHP is capable of running command line scripts, just to name one scary permission they would inherit.
Depending on what user (on the server, not in your WordPress install) you have running page scripts, that could be complete control or just control of some web portions of your server. Either way, it would not be insignificant.
I can’t think of anything beyond the theme editor that would put your server in danger, but if they are providing the theme, I would think they would need access to that in order to do much so I don’t know that there’s a good option for you to keep your server safe and give them what they’re asking.
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