ADES secures new contract in Egypt for Admarine 5

LONDON, UK: ADES International Holding, a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has secured a new contract for Admarine 5 in the Gulf of Suez.

The contract, secured with a top-tier client, covers a firm six-month period with the option to extend for an additional six months, further strengthening ADES’s position and revenue visibility in Egypt.

The new contract comes with a broadly similar daily rate compared to the previous contract and is expected to commence in February 2021.

ADES International Holding extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and North Africa, offering onshore and offshore contract drilling as well as workover and production services.

Its c.3,500 employees serve clients including major national oil companies (“NOCs”) such as Saudi Aramco and Kuwait Oil Company as well as joint ventures of NOCs with global majors including BP and Eni.

While maintaining a superior health, safety and environmental record, the Group currently has a fleet of thirty-six onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit (MOPU), which includes a floating storage and offloading unit. http://investors.adihgroup.com