ADES secures new contract in Egypt and extends contract in Algeria
The contracts involve both onshore and offshore rigs
ADES International Holding won a two-year contract for its ADMARINE IV offshore jack-up rig in Egypt, and has signed a one-year contract extension for its onshore rig RIG 828 in Algeria.
The ADMARINE IV contract was awarded by a leading Egyptian energy company through tendering and has a term of an initial one-year engagement, with an option to extend for another year at the same rates.
In Algeria, the existing contract of RIG 828, recently acquired from Weatherford, was extended for a one-year engagement under the same terms and will run through June 2020.
"Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES' business model that focuses on providing tailored solutions and superior services in a highly competitive market," Mohamed Farouk, CEO of ADES Holding, said. "We are also particularly pleased with the extension for Rig 828 in Algeria which is a strong endorsement of our client’s confidence and demonstrates our ability to build value from recent acquisitions. These new agreements further underpin our revenue visibility and are aligned with ADES’ focus on delivering organic growth."