London-listed firm ADES International Holding has secured a contract for a new drilling campaign off the coast of Egypt. 

This contract was awarded by Belayim Petroleum Co (Petrobel), a joint venture between ENI IEOC and Egyptian General Petroleum Corporation (EGPC).

The scope of the deal involves a three-month drilling campaign to be led by ADES's offshore jack-up drill rig, ADMARINE 88.

ENI IEOC is the Egyptian subsidiary of Italian oil company Eni.

The contract can be extended on a well-by-well basis once the three-month period is completed.

Petrobel has also renewed an existing contract that recently expired for ADES's ADMARINE V offshore jack-up drill rig for a six-month period on a call out basis. This contract comes with an option of extension for an additional six months.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
"Work is expected to begin before the end of this month."

Both the contracts were chartered for work on Petrobel-Eni concessions in Egypt’s Gulf of Suez. 

Furthermore, ADES has signed a farm-in agreement for its ADMARINE VIII offshore jack-up drill rig with Fanar Petroleum Company, under its existing contract with the South Abu Zenima Petroleum Company (Petrozenima).

The scope of work under this farm-in agreement will see the rig undertake a frac job on the concession’s North July well to bolster its productivity. Work is expected to begin before the end of this month.

Commenting on the contracts, Dr ADES International Holding CEO Mohamed Farouk said: “Our ability to secure new awards and extend existing ones even during a period of oil price decline is a testament to the strength of our business model and the quality of our drilling and workover services at highly competitive rates."