DUBAI, UAE – ADES International Holding has secured more work for its vessels and drilling rigs in the Gulf of Suez.
Gulf of Suez Petroleum Co. (GUPCO), a joint venture between BP and Egyptian General Petroleum Co. (EGPC), has extended an existing contract for the jackup bargeAdmarine II barge by a further three months.
ADES acquired the Admarine II in 2004 and has leased it to GUPCO since September 2012. The extension should cover the period during which a fifth consecutive contract renewal term is finalized.
GUPCO also extended its contract for the jackup rigAdmarine IV by six months. ADES acquired the rig in 2013 and has leased it to GUPCO since January 2014 for drilling in the Gulf of Suez.
The company expects to sign a fifth consecutive lease agreement with GUPCO for the rig in the coming months.
Finally, ADES has renewed its existing contract for the jackupAdmarine VI with the General Petroleum Co. (GPC), the first national oil company in Egypt, by two years.
This is GPC’s third consecutive renewal for the rig since the lease started in April 2015.
Dr. Mohamed Farouk, CEO of ADES, said: “The renewals are also another vote of confidence for ADES at an opportune moment when the Egyptian government has announced plans to open up new areas for oil exploration in the Red Sea.”