ADES Holding, an offshore services company, has clinched a drilling contract from Egypt’s Suez Oil Company. The $42.93 million contract entails utilizing a jack-up unit for drilling operations in the Gulf of Suez, with the 21-month term set to begin in the upcoming 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 after 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 inked a 10-year service agreement with Suez Oil Company and Egypt’s Shukeir Marine Oil Company to boost production at two brownfields offshore Egypt.
