London-listed drilling contractor ADES has been awarded a contract by Belayim Petroleum, a joint venture between Italian oil major ENI and Egyptian General Petroleum Corporation (EGPC), for drilling services offshore Egypt.
The contract is for a period of three-month and utilises jackup rig, Admarine 88. The contract has the scope to be extended on a well-by-well basis thereafter.
ADES has also renewed an existing contract with Petrobel for its Admarine V jackup rig for a six-month period on a call out basis, with an option to extend the contract for a further six months.
In addition, ADES has entered a farm-in agreement for its Admarine VIII jackup rig with Fanar Petroleum Company. Work is expected to commence before the end of July 2017.
“Our ability to secure new awards and extend existing ones even during a period of oil price decline is a testament to the strength of our business model and the quality of our drilling and workover services at highly competitive rates,” said Dr. Mohamed Farouk, chief executive officer of ADES International Holding.