ADES seals another drilling contract in Egypt

ADES, a leading oil and gas drilling and production services provider, announced new contracts including one for a new drilling campaign offshore Egypt with its long-time client ENI IEOC - despite oil price declines.

The three-month contract was awarded by Belayim Petroleum, a joint-venture between ENI IEOC and Egyptian General Petroleum Corporation, with the campaign set to be led by its ADES offshore jack-up drill rig.

Petrobel also renewed its contract for ADES' Admarine V offshore jack-up drill rig for a period of six months on a call out basis. Both contracts were chartered for work on Petrobel-Eni concessions in Egypt's Gulf of Suez.

ADES also entered into a farm-in agreement for its Admarine VIII offshore jack-up drill rig with Fanar Petroleum, which would entail the rig performing a FRAC job on the concession's North July well to improve its productivity.

Work was expected to commence before the end of July 2017.

Dr. Mohamed Farouk, CEO of ADES, commented on the contract awards saying: "Our ability to secure new awards and extend existing ones even during a period of oil price decline is a testament to the strength of our business model and the quality of our drilling and workover services at highly competitive rates".