Vantage Drilling International and ADES International Holding agreed to form a deepwater-drilling joint venture in Egypt, Egypt Oil & Gas reports.

The new company will specialize in providing drilling services in the deep waters off Egypt’s coast.

Vantage and ADES will split the profits of the joint venture. According to the press release, the new company will have “exclusive deepwater marketing rights within Egypt.”

The agreement will open up new opportunities for both companies. The agreement will give Vantage access to Egypt’s Mediterranean basin. ADES, on the other hand, will draw upon Vantage’s fleet and deepwater-drilling capabilities.

“In ADES we have found a professional, well experienced Egyptian partner that will allow the joint venture to leverage each team’s capabilities, thereby providing a unique service in Egypt,” the CEO of Vantage, Ihab Toma, stated.

Vantage, a company based in the Cayman Islands, specializes in offshore drilling. Based in Egypt, ADES provides drilling and production services in the Middle East and Africa.