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Tag: ADES
ADES

ADES International awarded new offshore drilling rig contract in Egypt

Posted: June 24, 2019 at 1:01 pm   /   Oil & Gas

ADES International, an oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has been awarded a new two-year contract for its Admarine IV offshore jack-up rig in Egypt. According to ADES’ statement on Monday, the Admarine IV contract was awarded by a “leading Egyptian energy company” through tendering. […]

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ADES

ADES International achieves strong Q1-2019 operational growth

Posted: May 28, 2019 at 4:30 pm   /   Oil & Gas

ADES International, oil and gas drilling and production company, said it saw a strong operational performance in the first quarter as the company won new contracts and rig utilisation rose. The company said revenue in the quarter ending March 31 reached US$108.7 million, up from $41.2 million in the year ago period. Its profit margins […]

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Vantage

ADES, Vantage JV to drill deepwater well for Dana Gas in Egypt

Posted: March 10, 2019 at 9:14 am   /   Oil & Gas

ADES International Holding has entered a short-term exploration contract with Dana Gas for deepwater drilling services in the Egyptian sector of the Mediterranean Sea. Vantage’s Tungsten Explorer drillship will drill one firm well under the contract, with an option to drill a further three wells. The initial program is set to take 77 days to […]

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Onshore Rig

ADES acquires 12 onshore drilling rigs from Weatherford in Kuwait

Posted: November 3, 2018 at 2:00 pm   /   Oil & Gas

ADES International Holding Ltd. has completed the acquisition of twelve onshore rigs from Weatherford International Plc in Kuwait, the company said on Nov. 2. The transaction forms part of the previously signed definitive agreement with a subsidiary of Weatherford to acquire thirty-one onshore drilling rigs for a total consideration of $287.5 million across Kuwait, Saudi […]

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Onshore Rig

ADES to acquire 31 onshore drilling rigs from Weatherford for $287m

Posted: July 13, 2018 at 1:46 pm   /   Oil & Gas

ADES International Holding Ltd., which provides oil and gas drilling and production services in the Middle East and Africa, announced plans to acquire 31 onshore drilling rigs from Weatherford International PLC for $287.5 million. Terms call for ADES to acquire Weatherford’s onshore drilling operations, including associated assets, contracts, management systems and 2,300 employees and contract […]

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Nabors

ADES concludes deal with Nabors for three jackup rigs

Posted: June 17, 2018 at 3:13 pm   /   Oil & Gas

ADES International has completed its acquisition of three jackup rigs operating offshore the Middle East from Nabors Industries. Total purchase price was $83 million. The rigs have been renamed Admarine 655, Admarine 656, and Admarine 657. The Admarine 655 is undergoing an ABS recertification process in a shipyard, while the other two jackups are ready […]

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ADES

ADES secures new $140m credit facility to pay for three Nabors rigs

Posted: May 25, 2018 at 2:25 pm   /   Oil & Gas

ADES International, a London-listed provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, has secured a new loan from a Saudi bank to finance the acquisition of three jack-ups from Nabors and other potential deals. ADES said on Thursday that a SAR 525 million ($140 million) […]

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ADES gets $450 million syndicated loan for further acquisitions

Posted: March 25, 2018 at 7:27 pm   /   Oil & Gas

Egypt’s offshore driller ADES has signed a US$450 million syndicated credit facility to support its recently announced plans to pursue further acquisitions. In addition to funding potential acquisitions, the loan will also be used to refinance the company’s existing debt and to finance anticipated future working capital. The loan comprises three separate tranches, all of […]

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ADES posts increase in profits, targets acquisitions

Posted: March 21, 2018 at 8:37 pm   /   Oil & Gas

Egypt’s offshore and onshore driller ADES has posted an increase in full-year profit and is targeting acquisition opportunities. The company on Monday said its revenue grew 17.5% year-on-year, from $134.1 million in 2016 to $157.6 million in 2017. Net profit rose 17.3% year-on-year to $44.6 million in FY2017 from $38 million in 2016. ADES in […]

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Rowan sells stacked Gorilla IV jack-up rig to ADES in Egypt

Posted: March 11, 2018 at 8:10 pm   /   Oil & Gas

Offshore driller Rowan Companies has reportedly sold one if its jack-up drilling rigs to Advanced Energy Systems (ADES) in Egypt. According to information provided by VesselsValue, a website providing intel on offshore and shipping world, Rowan sold its previously cold stacked jack-up drilling rig Rowan Gorilla IV for an undisclosed price on Tuesday, March 6. […]

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