ADES International has signed a contract to provide deepwater drilling services for Dana Gas in the Egyptian Mediterranean basin.
The short-term exploration contract was signed through its subsidiary ADES, which will provide the service using Vantage’s Tungsten Explorer for one firm well.
The contract will be carried out for 77 days with an extension option for an additional three wells.
ADVantage, a joint venture (JV) between ADES and Vantage Drilling International, will execute the services as part of a subcontract.
The venture will make use of ADES’ local workforce and pre-qualification in the Mediterranean basin with the Tungsten Explorer as well as its experience in deepwater drilling.
ADES International CEO Dr Mohamed Farouk said: “We are extremely pleased to have secured our first contract in the Mediterranean with Dana Gas, where we will build on our track record of consistently delivering a high-quality service to our clients.
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“This contract is fully consistent with our approach, as we continue to see attractive long-term prospects for the JV and our partner Vantage’ high quality assets in the ultra-deepwater Egyptian market.”
The contract, which presents several commercial opportunities that could be realised through an extension over the long-term, will operate on a profit-sharing basis.
This will enable ADES to generate additional revenue without incurring significant capital expenditure.
Vantage Drilling International CEO Ihab Toma said: “We are delighted to put the Tungsten Explorer back to work so soon after it completed certain upgrades as well as finishing its five year campaign for Total in Congo.”