ADES secures new jackup contract in offshore Egypt

20 November 2017 (Last Updated November 20th, 2017 11:16)

UK drilling contractor ADES International Holding has secured a new contract for its ADMARINE III offshore jack-up rig from Egyptian national oil company General Petroleum Company (GPC).

UK drilling contractor ADES International Holding has secured a new contract for its ADMARINE III offshore jack-up rig from Egyptian national oil company General Petroleum Company (GPC).

The contract carries a two-year engagement of ADMARINE III with an option of another two-year extension.

ADES International Holding CEO Dr Mohamed Farouk said: “ADMARINE III’s original contract with GPC in 2012 marked ADES’s initial investment into the offshore drilling market and represented a key shift in the company’s strategy to purchase rigs through distressed sales.

“By building on this model, we have grown our revenues at a CAGR of 63% between 2012 and 2016 with the addition of eight further offshore rigs to our fleet.”

GPC operates 28 oil and gas concessions cover a combined area of 18,000km² across major oil and gas producing regions in the Eastern Desert, Gulf of Suez, Western Desert and Sinai.

“We have grown our revenues at a CAGR of 63% between 2012 and 2016 with the addition of eight further offshore rigs to our fleet.”

Last week, ADES International Holding announced that its subsidiary ADES has signed a long-term joint venture (JV) agreement with a subsidiary of Vantage Drilling International to provide deepwater drilling services in Egypt’s Mediterranean basin.

The new JV will operate on a profit-sharing basis, leveraging on Vantage’s offshore deepwater drilling expertise and ADES International strong position in the country’s offshore drilling market.

Under a bareboat charter agreement basis, the newly formed JV will operate Vantage’s deepwater drilling units in the Egyptian waters.

Currently, it is also discussing with multiple regional operators to secure additional opportunities and undertake prospective drilling programmes within the offshore region.

ADES International Holding focuses on providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries.