Gulf Oil and Gas accountACCOUNT

ADES Secures A Seven-year Contract in Saudi Arabia

Source: www.gulfoilandgas.com 12/13/2018, Location: Middle East

ADES International Holding Ltd., a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has successfully renewed an existing contract for Admarine 657 (an ultra-shallow offshore rig previously acquired in June 2018).

The renewal for Admarine 657, which is currently contracted and operating in Saudi Arabia, is effective after the expiry of its existing contract during Q1 2019. The renewal tenor is for seven years (including a two-year option) and is expected to add up to c.$150 million of backlog with the day rate broadly in line with the existing contract.

Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, commented:

"We are delighted to have extended the contract for Admarine 657 with this important and valued customer. We now have a long-term contracted visibility, underlining our ability to consistently sustain our backlog due to our customer-centric approach that delivers a tailored service with superior quality and an impeccable safety record. The acquisition of these ultra-shallow assets is looking very positive for our shareholders".

Rigs >>

Rigs News in Saudi Arabia >>

Saudi Arabia >>  1/21/2020 - Valaris has announced that ARO Drilling, its 50/50 joint venture with Saudi Aramco, has ordered two newbuild jackup rigs from International Maritime I...
Norway >>  1/20/2020 - Maersk Drilling has secured a two-well contract extension from Aker BP for the ultra-harsh environment, low-emission jack-up rig Maersk Integrator. In...

Russia >>  1/15/2020 - Gazprom Neft and Sberbank Leasing have entered into a series Cooperation Agreements as part of a joint project on providing drilling services. Pursuan...
Singapore >>  1/15/2020 - Keppel Offshore & Marine Ltd (Keppel O&M) has, through its wholly-owned subsidiary Keppel FELS Ltd (Keppel FELS), made its first rig delivery in 2020 ...

Angola >>  1/14/2020 - Based on the Conditional Letter of Award previously announced in connection with Maersk Drilling’s Q3 2019 Trading Statement, Maersk Drilling has been...
Thailand >>  1/14/2020 - Shelf Drilling has secured a contract for its recently acquired high-specification jack-up rig, Shelf Drilling Enterprise, with Chevron Thailand Explo...

Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.