ADES International Holding has secured contract extensions for jackup barge in the Gulf of Suez.
Gulf of Suez Petroleum Co (GUPCO) has extended the contract with ADES for jackup barge Admarine II by another three months.
GUPCO is a joint venture between BP and Egyptian General Petroleum Co (EGPC).
After acquiring the Admarine II in 2004, ADES has given the jackup barge to GUPCO on lease since September 2012.
GUPCO also extended contract for jackup rig Admarine IV by another six months. This rig was acquired by ADES in 2013 and has been given on lease to GUPCO since January 2014.
Meanwhile, ADES has also renewed its lease for the jackup Admarine VI with Egyptian national oil company General Petroleum Co (GPC) by two years.
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This is GPC’s third lease renewal with ADES since the first lease for the jackup in April 2015.
With the renewal of this rig lease, the company aims to gain multi-million dollar revenue over the next two years.
ADES CEO Dr Mohamed Farouk was quoted by Offshore-mag.com as saying: “The renewals are also another vote of confidence for ADES at an opportune moment when the Egyptian Government has announced plans to open up new areas for oil exploration in the Red Sea.”