ADVantage to drill deepwater Nigma prospect offshore Egypt
ADES International Holding has won an order to drill its second deepwater well in the Egyptian sector of the Mediterranean Sea.
ADVantage, the joint venture between ADES and Vantage Drilling International, will drill the Nigma-1 well for an unnamed IOC, using the drillship Tungsten Explorer.
The program is set to last 73 days.
The contract will operate on a profit-sharing basis, allowing ADES to generate additional revenue without incurring the major capex normally associated with deepwater drilling.