3 July 2017 | 08:03am
ADES International Holding has been awarded a contract by ENI IEOC, the Egyptian subsidiary of Italian oil major Eni, for a new drilling campaign offshore Egypt.
The contract was awarded by Belayim Petroleum Co. (Petrobel), a joint venture between ENI IEOC and Egyptian General Petroleum Corporation (EGPC), for a three-month drilling campaign to be led by ADES's offshore jack-up drill rig, ADMARINE 88.
A said the contract had the scope to be extended on a well-by-well basis thereafter.
The group also said that Petrobel had renewed an existing contract for ADES's ADMARINE V offshore jack-up drill rig for a six-month period on a call out basis, following its recent expiry, with an option to extend the contract for a further six months.
Both contracts were chartered for work on Petrobel-Eni concessions in Egypt's Gulf of Suez.
Chief executive Dr. Mohamed Farouk 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.
"We are excited to renew our partnership with one of North Africa's leading joint ventures with whom we have a 10-year track record of success.
"Eni and other major international oil companies operating in our present-day geographies of Saudi Arabia, Algeria and Egypt appreciate the exceptional value for money we offer by deploying fit-for-purpose refurbished legacy rigs and world-class crews to assets in shallow, non-harsh environments."
At 8:03am: [LON:ADES] Ades International Holding Ltd Ord Usd1.00 Di Wi share price was -0.1p at 12.9p