ADES Holding Secure Jackup Drilling Contract in Egypt

ADES Holding Secure Jackup Drilling Contract in Egypt

World-leading oil and gas drilling services provider, ADES Holding Company (ADES), has secured a Direct Award of Contract (DAC) from Suez Oil Company (SUCO) in Egypt. The 21-month jackup drilling contract for the Gulf of Suez is expected to begin in the coming weeks.

This award follows the Group’s recent successes in Qatar and Thailand, where drilling campaigns are set to begin in the second half of 2024. With this new contract in Egypt, ADES has now redeployed three out of five of its previously suspended rigs from Saudi Arabia. This rapid redeployment is a testament to ADES’s strong global presence – they operate in nine of the most attractive drilling markets – and their highly marketable fleet of jackup rigs, the company said in a statement.

“We are very excited to strengthen our relationship with SUCO with the deployment of one of our units in the Gulf of Suez. We are also very pleased with the Group’s ability to quickly market and secure new campaigns for three out of the five recently suspended rigs in KSA. The speed at which the redeployments will occur, just weeks post their temporary suspension, demonstrates our agility, strength of our global platform and our competitive position with a highly marketable and demanded fleet of jackup rigs during very tight market conditions,” Mohamed Farouk, CEO of ADES Holding, commented.

The 21-month contract in Egypt’s Gulf of Suez will utilize a standard jackup rig from ADES’s fleet and is expected to begin shortly. This agreement, valued at approximately SAR 161 million, reflects a significant increase in the daily rate compared to ADES’s average Egyptian contracts. This is a positive outcome due to the current tight jack-up market and will contribute favorably to the Group’s overall profitability.

Sarah Samir 3470 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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