Ades, a Saudi drilling company, has finalized a $66 million investment deal with its subsidiaries in Egypt, with the goal of enhancing oil production from the North African nation’s fields.
According to a statement released to Tadawul, the Saudi stock market index, Ades Holding Co. revealed the ten-year agreement, with the option for extension, which involves injecting $30 million into Egyptian Suez Oil Co. (Suco) and $36 million into Egyptian Offshore Shukeir Oil Co. (Osoco) within the initial three years to foster production growth.
The signing ceremony for the two agreements was overseen by Tarek el Molla, the Egyptian Minister of Petroleum, along with the directors and presidents of a consortium consisting of Ades Holding Co.,
Egypt’s Gharib Integrated Oil Services Co., Suco, and Osoco. Operations under the agreement are expected to commence within the next 90 days.
Ades Holding Co. is broadening its operational footprint across various countries. In November 2023, the company secured three new contracts totaling $293 million, marking its entry into Indonesia and reinforcing its presence in Algeria.
With its expansion plans already announced for Southeast Asia, the company has secured a $214 million long-term contract with Pertamina Drilling Services Indonesia, scheduled to begin in the latter half of this year.
Headquartered in Al Khobar, Ades operates with over 7,500 employees and 87 rigs spanning seven countries in the Middle East, North Africa, and India.
