ADES International Holding has secured a new two-year contract from an energy company in Egypt for its Admarine IV offshore jack-up rig.
The energy company awarded the contract for Admarine IV through tendering. Initially, the contract has a term for one year and can be extended for another year. Additionally, ADES signed a contract extension for its onshore rig RIG 828 in Algeria.
RIG 828 was recently acquired from Weatherford. The existing contract for the rig was extended for a period of one year under the same terms and is set to run through June next year.
ADES International Holding CEO Dr Mohamed Farouk said: “Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES’ business model that focuses on providing tailored solutions and superior services in a highly competitive market.
“We are also particularly pleased with the extension for Rig 828 in Algeria, which is a strong endorsement of our client’s confidence and demonstrates our ability to build value from recent acquisitions.”
ADES provides oil and gas drilling and production services in the Middle East and North Africa (MENA) through its subsidiaries.
The company also offers onshore and offshore contract drilling, as well as workover and production services. It has a fleet of 34 onshore drilling rigs, 13 jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit.