24th Jun 2019 11:47
(Alliance News) - Oil and gas drilling services provider ADES International Holding PLC said Monday it has won a two-year contract for its ADMARINE IV offshore jack-up rig in Egypt.
The company has also signed a one-year contract extension for its inshore rig 828 in Algeria. The contract will run through to June 2020 under the same terms.
The Egyptian contract was awarded by an energy company for an initial one-year term, with the option to extend for another year at the same rates.
"Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES' business model that focuses on providing tailored solutions and superior services in a highly competitive market. We are also particularly pleased with the extension for Rig 828 in Algeria which is a strong endorsement of our client's confidence and demonstrates our ability to build value from recent acquisitions," said Chief Executive Officer Mohamed Farouk.
Shares in ADES International were untraded on Monday, last quoted at USD13.75 in London.
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