ADES Acquires Onshore Contracts in Algeria

ADES Acquires Onshore Contracts in Algeria

ADES International completed acquiring four onshore rigs contracts from Weatherford in Algeria, Pipeline Oil and Gas Magazine reported.

“We have now effectively completed the Weatherford acquisition, which is transformational for the group, significantly increasing our size, visibility and exposure to the onshore oil and gas market,” Mohamed Farouk, ADES CEO said.

The four rigs are worth million and the other two will be acquired for million, which are expected to be finalized within four weeks.

These contracts came in line with the previously signed definitive agreement with a subsidiary of Weatherford to acquire 31 onshore rigs for a total of $287.5 million across Kuwait, Saudi Arabia, Algeria and Southern Iraq.

Dina Elbehiry 642 Posts

Graduated from Faculty of Economics and Political Science- Cairo University.
Having an Economic background and currently working for Egypt Oil & Gas.

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