ADES concludes jackup transaction
ADES International has completed its acquisition of three jackups operating offshore the Middle East from Nabors Industries.
Total purchase price was $83 million.
The rigs have been renamedAdmarine 655, Admarine 656, and Admarine 657. The Admarine 655 is undergoing an ABS recertification process in a shipyard, while the other two jackups are ready to operate.
Dr. Mohamed Farouk, CEO of ADES, said the transaction reinforced his company’s commitment to the Middle East shallow water drilling sector. It now has 13 jackups, making it one of the main players in the Middle East North Africa (MENA) region, he added.
ADES also revealed that its 1Q revenues totalled $41.2 million, up 7% from the previous quarter. During the period the company renewed its existing contract for the Admarine VI with GPC for two years, with an optional two-year extension option; extended existing contracts for the Admarine II and IV with Gulf of Suez Petroleum Co. for a short period; and started programs involving the Admarine VIII and 88 with respectively Suez Oil Co. and Belayim Petroleum Co. (Petrobel).