Offshore services company ADES Holding has secured a drilling contract from Egypt’s Suez Oil Company. Under the $42.93 million contract, a jack-up unit will be used for drill works at the Gulf of Suez, with the 21-month term expected to commence in the coming weeks.
This latest contract comes on the heels of ADES Holding’s recently awarded campaigns in Qatar and Thailand, set to begin in the second half of 2024. As a result, the services company has redeployed three out of five of its jack-up rigs.
“The speed at which the redeployments will occur, just weeks post their temporary suspension, demonstrates our agility, the strength of our global platform and our competitive position with a highly marketable and demanded fleet of jack-up rigs during very tight market conditions,” stated ADES Holdings CEO Mohamed Farouk.
In March 2024, ADES Holdings also signed a 10-year service agreement with the Suez Oil Company and Egypt’s Shukeir Marine Oil Company to enhance production at two brownfields in Egypt’s offshore.
