ADES clinches 2-year jack-up deal in Egypt
- Business & Finance
Offshore driller ADES has secured a drilling contract for its Admarine III jack-up rig in Egypt.
The contract is with Egypt’s General Petroleum Company, and is for two years. GPC will have an option to extend for two more years.
Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said: “Admarine III’s original contract with GPC in 2012 marked ADES’ initial investment into the offshore drilling market and represented a key shift in the company’s strategy to purchase rigs through distressed sales.”
“By building on this model, we have grown our revenues at a CAGR of 63% between 2012 and 2016 with the addition of eight further offshore rigs to our fleet. We are excited to renew our partnership with one of Egypt’s leading energy providers and ADES’s original clients.”
Apart from the new jack-up rig deal, the company has earlier this week announced a joint venture with Vantage Drilling. The JV will offer deepwater drilling services in Egypt.