Wednesday 16 October 2019

ADES wins new contract in Egypt, extension in Algeria

CAIRO, June 24, 2019

ADES International Holding has been awarded a new two-year contract for its Admarine IV offshore jack-up rig in Egypt, and has signed a one-year contract extension for its onshore Rig828 in Algeria.

ADES International Holding is a leading oil and gas drilling and production services provider in the Middle East and North Africa (Mena) through its subsidiaries.

The Admarine IV contract was awarded by a leading Egyptian energy company through tendering and has a term of an initial one-year engagement, with an option to extend for another year at the same rates, said a statement from the company.

In Algeria, the existing contract of RIG 828 (recently acquired from Weatherford) was extended for a one-year engagement under the same terms and will run through June 2020, it said.

Dr Mohamed Farouk, chief executive officer of ADES International Holding, said: “Award of a new contract with a leading Egyptian energy company reinforces the strength of our 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,” he said.

“These new agreements further underpin our revenue visibility and are aligned with our company’s focus on delivering organic growth,” he added. – TradeArabia News Service


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