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ADES International Bags Deepwater Drilling Contract in Egypt

Gasoil News - Published on Tue, 15 Oct 2019

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Oil and gas drilling and production services provider ADES International Holding’s subsidiary ADES SAE has signed a contract for a second deepwater drilling campaign in the Egyptian Mediterranean area with an undisclosed oil company. The drilling service will be provided using Vantage’s Tungsten Explorer to drill Nigma 1 well. This contract is estimated to last 73 days. The services will be subcontracted to ADVantage, a joint venture between ADES and Vantage Drilling International. ADVantage will use ADES’ local workforce and Vantage’s Tungsten Explorer drillship.

The contract will be operated on a profit-sharing basis. The contract enables ADES to generate additional revenue without incurring huge capital expenditures usually associated with deepwater drilling.

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Posted By : Rabi Wangkhem on Tue, 15 Oct 2019
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