Egypt Oil & Gas knew about a deal finalized between the Egyptian Drilling Company (EDC) and the Egyptian-Chinese Petroleum Co for Manufacturing Drilling Rigs.

As a result of the deal which is estimated by $24 million, EDC bought two new rigs ‘Mubarak-4 and Mubarak-5’ from the Egyptian-Chinese company.

The two rigs are expected to be added to the drilling fleet of EDC in the coming four months in order to prepare their processing equipments in addition to purchasing the drilling pipes and drilling collars as well as the other operating tools. Also, during this period, the Camps will be manufactured which is needed for the subsistence of the crew operating.

It is expected that the rate of hiring these two rigs will be about 13 to 15 thousand dollars a day since they are the latest in the world of onshore drilling rigs.