ADES lands new offshore rig contract in Egypt

  • Business & Finance

ADES International, an oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has been awarded a new two-year contract for its Admarine IV offshore jack-up rig in Egypt.

Source: ADES

According to ADES’ statement on Monday, the Admarine IV contract was awarded by a “leading Egyptian energy company” through tendering. It has a term of an initial one-year engagement, with an option to extend for another year at the same rates.

ADES has not revealed the name of the Egyptian operator that hired the rig.

The rig has been working for GUPCO since January 2014 and its current contract with the company expires in July 2019.

In addition, ADES has signed a one-year contract extension for its onshore rig RIG 828 – recently acquired from Weatherford – in Algeria. The extension was made under the same terms as the rig’s previous contract. It will run through June 2020.

Commenting on the contract awards, Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said: “Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES’ business model that focuses on providing tailored solutions and superior services in a highly competitive market.

“We are also particularly pleased with the extension for Rig 828 in Algeria which is a strong endorsement of our client’s confidence and demonstrates our ability to build value from recent acquisitions. These new agreements further underpin our revenue visibility and are aligned with ADES’ focus on delivering organic growth.”

Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. 

If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.

Related news

List of related news articles