Oil Egypt accountACCOUNT King Tut

ADES Awarded 4 Years Offshore Jack-Up Rig Contract in Egypt

Source: www.gulfoilandgas.com 11/16/2017, Location: Egypt

Share |
ADES International Holding Ltd. (ADES), the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, is pleased to announce that it has been awarded a new contract for its ADMARINE III offshore jack-up rig.

The contract was awarded by General Petroleum Company (GPC), the first national oil company in Egypt. The contract entails an initial two-year engagement of ADMARINE III with an option to extend for a further two-years. No significant additional CAPEX is anticipated for the ongoing deployment of the rig.

Commenting on the contract award, Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said:

"Our commitment to providing tailored solutions and superior services to our clients has enabled ADES to maintain long-term relationships with high-profile local and international energy companies, ensuring the continuity of our business during challenging climates."

"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."

Egypt >>  8/14/2018 - Eni announces that a new Concession Agreement, aimed at governing an offshore exploration license in the prolific East Nile Delta Basin of the Mediter...
Egypt >>  8/13/2018 - Eni announces that Egyptian Authorities have authorized a new Nile Delta Concession Agreement allowing a ten-year extension of the Abu Madi West Devel...

Egypt >>  8/6/2018 - The daily production of Zohr gas field will increase to 1.75 billion cubic metres by the end of the month and to 2 billion cubic metres by September, ...
Egypt >>  8/5/2018 - An Egyptian company plans to start importing gas from Israel for re-export in the first quarter of 2019, sources in the countryís energy sector said, ...

Egypt >>  8/3/2018 - Production of natural gas from two deepwater wells at Shellís West Nile Delta field 9B in Egypt will begin in the first half of October, the countryís...
Egypt >>  7/30/2018 - The Egyptian General Petroleum Corporation has signed an agreement with British Petroleum to drill in the Gulf of Suez region, Al-Ahramís Arabic websi...

Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us