ADES Oil and Gas Company won a new three-month contract for drilling offshore Egypt along with Eni’s subsidiary, IEOC, Digital Look reported.
The contract was awarded by Belayim Petroleum, which is a joint venture between Eni and the Egyptian General Petroleum Corporation (EGPC), and it has the possibility to be extended. According to the contract, ADES will provide its jack-up rig, Admarine 88, Splash247 informed.
Additionally, ADES signed a six-month renewal of a contract with Egypt’s Petrobel to provide its Admarine V jack-up drill rig.
ADES further farmed-in an agreement for its Admarine VIII jack-up rig. The farm-in deal was signed with Fanar Petroleum Company, which would use Admarine VIII to frack its North July well in order to improve the well’s productivity.
“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 work-over services at highly competitive rates,” ADES’ CEO, Mohamed Farouk, stated.
ADES Group is owned by the businessman Mamdouh Abbas. It is a service company providing petroleum exploration and production (E&P) services in MENA and Africa. The company is working in onshore and offshore drilling and provides production services in Egypt, Algeria, and Saudi Arabia.