Petrobel awards Shelf Drilling’s jack-up contract for operations in Egypt
Offshore drilling contractor Shelf Drilling has received a contract award for one of its jack-up rigs with Belayim Petroleum Company (Petrobel) for operations in the Gulf of Suez, offshore Egypt. Shelf Drilling said on Monday that the Trident 16 jack-up drilling rig had been awarded a one-year contract. The contract includes mutually agreeable options, and […]
ADES concludes deal with Nabors for three jackup rigs
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 […]
ADES secures new $140m credit facility to pay for three Nabors rigs
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) […]
Rowan sells stacked Gorilla IV jack-up rig to ADES in Egypt
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. […]
ADES wins 3 jackup contract extensions in the Gulf of Suez
ADES scores jack-up hat-trick in Gulf of Suez offshore Egypt. London-listed drilling contractor ADES has secured extensions for two existing contracts for jack-ups Admarine II and Admarine IV and renewed its lease for Admarine VI jack-up, all of which are in the Gulf of Suez area. The extension of the Admarine II and Admarine IV contracts […]
ADES in talks to acquire up to five jack-up rigs from Nabors
ADES International Holding has agreed to acquire three jackups from Nabors Drilling International II that are currently operating offshore the Arabian Peninsula for a major national oil company. The transaction is valued at $83 million, payable in a combination of cash and ADES shares. Terms also allow for the existing drilling contracts associated with the […]
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 […]
ADES looks to go from strength to strength after London Stock Exchange listing
A fledgling oil and gas drilling services firm which listed in London this year plans to continue its strong start to life with exclusive marketing deals with shipyards. ADES International chief executive Mohamed Farouk said agreements with yards in Asia would give the company access to new build jack-up rigs without breaking the “asset-light”, low […]
Egyptian drilling contractor ADES builds shallow-water jackup fleet
(Offshore Magazine) Jeremy Beckman Drilling contractors continue to downsize in most parts of the world except the Middle East, where offshore activity has held steady. One of the more opportunistic players in the region is ADES International Holding which has taken advantage of continued overcapacity in the market to acquire and recondition legacy jackups from […]
ADES wins contract extensions for two offshore jackup rigs in the Gulf of Suez
Drilling contractor ADES International Holding has secured contract renewals for two of its jackups in the Gulf of Suez offshore Egypt. General Petroleum Co. has extended the hire of the Admarine VI to March 2018, while the Admarine V will work for a further year for Petrobel, with an optional six-month extension. In addition, ADES […]
