ADES Holding Company, one of the leading global companies in providing drilling and production services to the oil and gas sector, announced that it had received contract extension notices for three jack-up offshore drilling rigs operating in Egypt.

ADES received notification from the General Petroleum Company, which is the contracting party on the platforms, to extend the contract on the Admarine III and Admarine VI platforms for a period of two years.

This extension will also increase daily rental rates by a high percentage compared to the group’s current average daily rental rates in Egypt, and this increase reflects the current situation of the elevated drilling rig market.

In this context, Mohamed Farouk, CEO of ADES Holding Company, said: “We are pleased to extend the contracts for the three platforms, which I consider a renewal of the General Petroleum Company’s confidence in the company’s ability to provide distinguished service with the highest rates of efficiency and safety.”

Farouk stated that extending the contracts strengthens the company’s presence and leading position in the Egyptian market and will also raise the cumulative value of the contracts in light of the growth in daily rental rates. This reflects the strength of the jack-up offshore platforms market at the present time. It will also enhance confidence in the company’s activities and cash flows. In conclusion, Farouk expressed his aspiration to continue providing sustainable value to customers.