Saudi group ADES lands Egypt jackup drilling contract
RIYADH, 12 days ago
Saudi-based ADES Holding Company has announced that it has received a Direct Award of Contract
(DAC) from Suez Oil Company (SUCO) in Egypt for a 21-month jackup drilling work in the Gulf of Suez. The work is expected to commence in the coming weeks.
Headquartered in Al Khobar in the kingdom's Eastern Province, ADES is a leading international
drilling services provider with 8,000-strong workforce and a fleet of 87 rigs across nine countries, including 38 onshore drilling rigs, 46 jackup offshore drilling
ADES said the SAR161 million ($43 million) contract award comes close on the heels of its recent wins in Qatar and Thailand.
Together, these new awards in Thailand, Qatar and Egypt bring ADES’s total redeployments of the recently suspended rigs in Saudi Arabia to three out of five jackups, said the company in a statement.
ADES’ ability to redeploy the majority of the KSA suspended rigs in such a short period of time is mainly due to its strong global platform, with a leading presence across nine of the most attractive drilling markets and a highly marketable and demanded fleet of jackup rigs, it stated.
On the contract win, CEO Dr Mohamed Farouk said: "We are very excited to strengthen
our relationship with SUCO with the deployment of one of our units in the Gulf of Suez. We are also very pleased with the group’s ability to quickly market and secure new campaigns for three out of the five recently suspended rigs in KSA."
"The speed at which the redeployments will occur, just weeks post their temporary suspension, demonstrates our agility, strength of our global platform and our competitive position with a highly marketable and demanded fleet of jackup rigs during very tight market conditions," he added.
