ADES International has been awarded a new contract for its ADMARINE III offshore jack-up rig.
The contract was awarded by General Petroleum Company (GPC), the first national oil company in Egypt. The contract entails an initial two-year engagement of ADMARINE III with an option to extend for a further two-years. No significant additional CAPEX is anticipated for the ongoing deployment of the rig.
Commenting on the contract award, Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said:
"Our commitment to providing tailored solutions and superior services to our clients has enabled ADES to maintain long-term relationships with high-profile local and international energy companies, ensuring the continuity of our business during challenging climates."
"ADMARINE III's original contract with GPC in 2012 marked ADES' initial investment into the offshore drilling market and represented a key shift in the Company's strategy to purchase rigs through distressed sales. By building on this model, we have grown our revenues at a CAGR of 63% between 2012 and 2016 with the addition of eight further offshore rigs to our fleet. We are excited to renew our partnership with one of Egypt's leading energy providers and ADES's original clients."