ADES secures two-year jackup rig drilling contract from GPC in Egypt
Egypt’s General Petroleum Co. (GPC) has contracted ADES International Holding’s jackup ADMARINE III for a two-year program.
The contract carries an option for a further two-year extension.
ADES does not foresee the need for significant additional investments in the rig prior to the deployment.
CEO Dr. Mohamed Farouk said: “ADMARINE III’s original contract with GPC in 2012 marked ADES’ initial investment into the offshore drilling market and represented a key shift in the company’s strategy to purchase rigs through distressed sales.
“By building on this model, we have grown our revenues at a CAGR of 63% between 2012 and 2016 with the addition of eight further offshore rigs to our fleet.”