Egypt

ADES scores contract extensions for jackup trio in Egypt

Published on : 2024-02-12

Saudi oil and gas driller Advanced Energy Services (ADES) has secured a contract extension for three of its jackup rigs operating offshore Egypt.

Egypt’s national oil company General Petroleum Co (GPC) has notified ADES of a two-year extension for the Admarine III and Admarine VI rigs, as well as a one-year extension for the Admarine V.

ADES said it expects the extensions which add to a contract backlog estimated at around $120m to be executed in the coming weeks.

“The extensions come with a double-digit percentage increase in daily rate compared to the Group’s current average rates in Egypt, an increase that reflects the current market environment for the jack-up industry,” ADES noted in a filing.

ADES wins jackup drilling contract in Egypt

Saudi-listed ADES Holding Company said it has received a direct award of contract (DAC) from Suez Oil Company (SUCO) in Egypt for three jackup drilling rigs in the Gulf of Suez, which is expected to commence in the coming weeks.