US offshore driller Vantage Drilling International and UK drilling and production firm ADES International Holding have formed a joint venture to provide deepwater drilling services offshore Egypt.
The joint venture company will capitalize on Vantage’s fleet and ADES International’s experience in Egypt’s Mediterranean basin. Vantage will bareboat charter its rigs to the joint venture at low cost while the jv will operate on a shared profit basis with exclusive deepwater marketing rights within Egypt.
Ihab Toma, chief executive officer of Vantage Drilling International, commented: “In ADES we have found a professional, well experienced Egyptian partner that will allow the joint venture to leverage each team’s capabilities, thereby providing a unique service in Egypt. We very much look forward to a long and mutually beneficial relationship with ADES.”
The deal gives ADES experience in deepwater drilling while Vantage gains access to the Mediterranean basin.