ADES Bags Jack-up Rig Deal in Egypt

Oil and gas drilling rig contractor ADES has secured a new contract for the Admarine 5 jack-up drilling rig in the Gulf of Suez, Egpyt.

"The contract, secured with a top-tier client, covers a firm six-month period with the option to extend for an additional six months, further strengthening ADES's position and revenue visibility in Egypt," ADES said, without saying who the client was.

ADES said that the new contract comes with a broadly similar daily rate compared to the previous contract and is expected to start in February 2021. However, it did not provide details on the previous contract terms.

The Admarine V is a jack-up rig built in 1981. The rig, of the Friede & Goldman L-780 mod II design, was previously owned by Transocean under the name of GSF Rig 127, data on VesselsValue website shows. Transocean sold the rig to ADES in 2013.

ADES owns a fleet of thirty-four onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit. The company's clients include both national oil companies, such as Saudi Aramco and Kuwait Oil Company, as well as joint ventures of NOCs with global majors including BP and Eni.

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