ADES picks up onshore, offshore rig contracts in Egypt, Algeria
Drilling and production services provider wins new deal in Egypt, and an extension on its Rig 828 contract in Algeria
Oil and gas drilling and production services provider ADES International Holding said it had been picked by a “leading” Egyptian energy company for a two-year contract to deliver the Admarine IV offshore jack-up rig in Egypt, and extended its Rig 828 onshore contract by one year in Algeria.
The latter contract was recently acquired by Irish oil and natural gas services company Weatherford, and will run through June 2020.
Commenting on the contracts in a statement, chief executive officer of ADES, Dr Mohamed Farouk, said: “Our contract for Egypt’s offshore rig reinforces the strength of ADES' business model, focused on providing tailored solutions and superior services in a highly-competitive market.
"We’re also pleased with the Rig 828 extension in Algeria — a strong endorsement of our client’s confidence that demonstrates our ability to build value from recent acquisitions.”