ADES scores new jack-up rig deal offshore Egypt

ADES International, an oil & gas drilling and production services provider in the Middle East and North Africa, has won a contract for one of its jack-up drilling rigs from an undisclosed client.

ADES said on Tuesday that the rig in question was the Admarine V jack-up and that it would be working in the Gulf of Suez offshore Egypt.

According to the company, the contract was secured with a ‘top-tier client’. It covers a firm six-month period with the option to extend for an additional six months. This will, ADES said, further strengthening the company’s position and revenue visibility in Egypt.

The company added that the new deal came with a broadly similar daily rate compared to the previous contract and was expected to start in February 2021. However, it did not provide details on the previous contract terms.

Although ADES did not disclose the client, data provided by VesselsValue indicates that the Admarine V has been working for Petrobel since mid-2014. The last extension under a deal from 2017 started in March 2020. It is supposed to conclude at the end of February 2021.

As for the rig itself, the Admarine V is a jack-up rig built in 1981. The rig, of the Friede & Goldman L-780 mod II design, was previously owned by Transocean under the name of GSF Rig 127. The two previous names of the rig were GSF 127 and Santa Fe Rig 127. Transocean sold the rig to ADES in 2013.

Currently, ADES owns a fleet of thirty-four onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit.

In recent company news, ADES announced earlier this month that it was searching for a new chief financial officer (CFO) following the resignation of Khaled Hassan, the group’s current CFO. Hassan has decided to step down from his position to pursue a greater role outside of the group.