ADES scores contract extensions for jackup trio in Egypt

Saudi oil and gas driller Advanced Energy Services (ADES) has secured a contract extension for three of its jackup rigs operating offshore Egypt.

Egypt’s national oil company General Petroleum Co (GPC) has notified ADES of a two-year extension for the Admarine III and Admarine VI rigs, as well as a one-year extension for the Admarine V.

ADES said it expects the extensions which add to a contract backlog estimated at around $120m to be executed in the coming weeks.

“The extensions come with a double-digit percentage increase in daily rate compared to the Group’s current average rates in Egypt, an increase that reflects the current market environment for the jack-up industry,” ADES noted in a filing.