UK drilling contractor ADES International Holding has been awarded a new contract by Egypt’s national oil company General Petroleum Company for its Admarine III offshore jack-up rig.
The contract period is two years with an option to extend for a further two years.
“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% 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,” said Dr Mohamed Farouk, chief executive officer of ADES International Holding.
This week, ADES formed a joint venture with US offshore driller Vantage Drilling to provide deepwater drilling services offshore Egypt.