ADES International, an oil and gas drilling and production services provider said it was awarded a new two-year contract for an offshore jack-up rig in Egypt and signed a separate one-year extension to a contract for a an onshore rig in Algeria.
Operating the Middle East and North Africa region through its subsidiaries, ADES’s ADMARINE IV offshore jack-up rig contract was given by an undisclosed Egyptian energy company – this has an optional one-year extension, the company said.
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.
Dr. Mohamed Farouk, chief executive officer of ADES International said:
"Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES' 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. These new agreements further underpin our revenue visibility and are aligned with ADES’ focus on delivering organic growth.”