ADES Wins 2nd Deepwater Drilling Gig in Egypt

The oil rig contractor ADES International PLC  has won a second deepwater drilling campaign in the Egyptian Mediterranean area, from  an undisclosed oil company.

The offshore driller said that the contract was signed for deepwater drilling in the Egyptian Mediterranean area, and ADES will use Vantage Drilling Co's Tungsten Explorer rig.

The campaign covers one firm well, Nigma 1, ADES said, with the contract estimated to last 73 days, said the drilling and production services provider.

The services are to be carried out by ADVantage, a joint venture between ADES and Vantage Drilling International. This was intended to combine ADES’ local expertise with Vantage’s deepwater drilling.

The contract will run on a profit-sharing basis, proving ADES with additional revenue while avoiding significant capital expenditure, it said. ADVantage was announced in November 2017.

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."

He added: "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."

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