ADES International Holding Ltd., an oil and gas drilling and production services company said it was awarded a new contract for its ADMARINE III offshore jack-up rig by Egypt’s NOC General Petroleum Company (GPC).
ADES, which operates in the Middle East and Africa through its subsidiaries, said the contract entails an initial two-year engagement of ADMARINE III with an option to extend for a further two-years. No significant additional CAPEX is anticipated for the ongoing deployment of the rig.
Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said:
“Our commitment to providing tailored solutions and superior services to our clients has enabled ADES to maintain long-term relationships with high-profile local and international energy companies, ensuring the continuity of our business during challenging climates.”
“ADMARINE III’s original contract with GPC in 2012 marked ADES’ 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 per cent between 2012 and 2016 with the addition of eight further offshore rigs to our fleet. We are excited to renew our partnership with one of Egypt’s leading energy providers and ADES’s original clients.”