ADES-Vantage JV secures another deepwater drilling gig in Egypt
- Business & Finance
ADES International, an oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has entered into a second deepwater drilling campaign with an international oil company for deepwater drilling services in the Egyptian Mediterranean area.
ADES said on Friday that the service would be provided using Vantage’s Tungsten Explorer drillship and covers one firm well, “Nigma 1”, with the contract estimated to last 73 days.
The services will be subcontracted to ADVantage, a JV between ADES and Vantage Drilling International.
ADVantage utilizes ADES’s experienced local workforce and Vantage’s Tungsten Explorer drillship while combining the companies’ extensive deepwater drilling experience.
The contract will operate on a profit-sharing basis, enabling ADES to generate additional revenue without incurring the significant capital expenditures normally associated with deepwater drilling.
Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said: “We are extremely pleased to have secured a second deepwater drilling campaign with our top tier client in the Mediterranean, where we will build on our track record of consistently delivering high-quality service to our clients. This project is fully consistent with our focus on the region. With a string of major gas discoveries propelling demand for oil and gas services and prospective drilling programs, lucrative commercial opportunities continue to attract attention. ADES is on the right track, as we fully leverage our valuable partnership with Vantage and its high-quality asset in Egypt’s ultra-deepwater market.”
It is worth reminding that the JV between ADES and Vantage last March also won a short-term exploration contract with Dana Gas for deepwater drilling services in the Egyptian Mediterranean basin. The services were also provided using Vantage’s Tungsten Explorer drillship.
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