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July 3, 2017

ADES International secures contract for drilling campaign offshore Egypt

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

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.

"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."

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