ADES wins drilling contracts in the Gulf of Suez

ENI IOEC has contracted ADES International Holding Ltd. to perform a drilling campaign offshore Egypt.

Offshore staff

DUBAI, UAE – ENI IOEC has contracted ADES International Holding Ltd. to perform a drilling campaign offshore Egypt.

Belayim Petroleum Co. (Petrobel), a joint venture between ENI IOEC and Egyptian General Petroleum Corp., is managing the three-month campaign.

ADES will supply its offshore jackup drilling rigADMARINE 88. The contract could be extended on a well-by-well basis.

Petrobel has also renewed an existing contract for ADES’ADMARINE V jackup by six months on a call-out basis, extendable by a further six months.

Both contracts apply to work on Petrobel-Eni concessions in the Gulf of Suez.

In addition, ADES has entered into a farm-in agreement for itsADMARINE VIII jackup with Fanar Petroleum Co., under the terms of its existing contract with the South Abu Zenima Petroleum Co. (Petrozenima).

The rig will perform a frac job on the concession’s North July well to improve its productivity, with the program set to start before the end of July.

Dr. Mohamed Farouk, CEO of ADES International Holding, said: “Our ability to secure new awards and extend existing ones even during a period of oil price decline is a testament to the strength of our business model and the quality of our drilling and workover services at highly competitive rates.”

The company provides fit-for-purpose refurbished legacy rigs and specialist teams for operations in shallow, non-harsh environments, he added.

07/03/2017

More in Drilling & Completion