ADES Signs New Offshore Drilling Contract in Egypt

ADES International, a Provider of Drilling and Production Services for Oil and Gas in the Middle East and North Africa (MENA), Received a New Two-Year Contract for Its Offshore Platform Admarine IV in Egypt.

According to ADES’s statement on Monday, the contract for Admarine IV was awarded by a “leading Egyptian energy company” through a bidding process. It has an initial contract term of one year, with an option to extend for another year at the same rates. ADES did not reveal the name of the Egyptian operator that hired the platform.

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 extension contract for its land rig RIG 828 – recently acquired from Weatherford – in Algeria.
The extension was made under the same terms of the rig’s previous contract. It will run until June 2020.

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

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