ADES International wins second deepwater drilling contract in Egypt

URL: http://www.ferroalloynet.com/news/ades_international_wins_second_deepwater_drilling_contract_in_egypt.html
Posted: Sat, 12 Oct 2019 02:10:00 GMT [3 days ago]
Keywords: second deepwater drilling contract
Channel: Chinese Industry News
Tags: Tungsten
Summary: Oil and gas drilling and production services provider ADES International Holding’s subsidiary ADES SAE has signed a contract for a second deepwater drilling campaign in the Egyptian Mediterra...

Oil and gas drilling and production services provider ADES International Holding’s subsidiary ADES SAE has signed a contract for a second deepwater drilling campaign in the Egyptian Mediterranean area with an undisclosed oil company.

The drilling service will be provided using Vantage’s Tungsten Explorer to drill Nigma 1 well. This contract is estimated to last 73 days. The services will be subcontracted to ADVantage, a joint venture (JV) between ADES and Vantage Drilling International. ADVantage will use ADES’ local workforce and Vantage’s Tungsten Explorer drillship.
 
According to ADES, the contract will be operated on a profit-sharing basis. The contract enables ADES to generate additional revenue without incurring huge capital expenditures usually associated with deepwater drilling.
 
ADES International Holding CEO Mohamed Farouk said: “We are extremely pleased to have secured a second deepwater drilling campaign with our top tier client in the Mediterranean, where we will build on our track record of consistently delivering high-quality service to our clients.
 
"This project is fully consistent with our focus on the region. With a string of major gas discoveries propelling demand for oil and gas services and prospective drilling programs, lucrative commercial opportunities continue to attract attention.
 
"ADES is on the right track, as we fully leverage our valuable partnership with Vantage and its high-quality asset in Egypt’s ultra-deepwater market.”
 
In June 2019, ADES signed a two-year contract with an energy company in Egypt for its Admarine IV offshore jack-up rig. In March 2019, ADES International signed a contract to provide deepwater drilling services for Dana Gas in the Egyptian Mediterranean basin.

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