Advanced Energy System International (ADES) announced that it has secured its first onshore deep drilling contracts under a lump sum turnkey project in Kuwait, according to World Oil.
“We are extremely pleased to secure our first onshore deep drilling LSTK contract with Baker Hughes. This represents a major step towards our strategic objectives and underpins ADES’s ability to deliver drilling services under a LSTK contracting model. In addition, it further supports our expansion into the high potential market of Kuwait following the Weatherford acquisition and offers greater backlog visibility,” Mohamed Farouk, ADES International CEO, said.
The two contracts were awarded by Baker Hughes, a GE Company, and are for ADES 180 and ADES 878. Both contracts are expected to commence in Q2 2020, with a two-year timeline and an option of extension for additional six months.
Moreover, the two contracts will be implemented with similar daily rates to the existing fleet in Kuwait.