ADES International was awarded a deep-water well drilling contract in offshore Egypt by an undisclosed operator.
The services will be subcontracted to ADVantage, a JV between ADES and Vantage Drilling International, using ADES’s pre-qualification for operations in the Mediterranean basin.
The service will be provided using Vantage’s Tungsten Explorer and covers one firm well, “Nigma 1”, with the contract estimated to last 73 days.
The contract will operate on a profit-sharing basis, enabling ADES to generate additional revenue without incurring the significant capital expenditures normally associated with deepwater drilling.
Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, 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.”