ADES awarded new rig contract

Egyptian drilling service provider ADES has been awarded a new contract by an Egyptian energy company for the deployment of its jackup rig Admarine IV through a tender.

The contract is for a period of one-year initially, and has an option to extend for another year at the same rates.

“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,” Dr. Mohamed Farouk, chief executive officer of ADES International Holding.

ADES currently operates 13 jack up drilling rigs.