11/15/2017
LONDON and DUBAI -- ADES International Holding Ltd., the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, has announced that its subsidiary ADES S.A.E has entered into a long-term joint venture (JV) agreement with a subsidiary of Vantage Drilling International (Vantage).
The new JV company will leverage Vantage’s world-class offshore deepwater drilling experience and ADES International’s leadership position within the Egyptian offshore drilling market to provide deepwater drilling services in Egypt’s Mediterranean basin.
The agreement will enable ADES to generate additional revenue without incurring the significant capital expenditure associated with deepwater drilling. As part of the JV, Vantage will gain access to the attractive Mediterranean basin, optimize access to local workforces and service providers and increase the marketability of its ultra-deepwater fleet.
The JV will operate Vantage’s deepwater drilling units in Egyptian waters on a bareboat charter agreement basis and discussions are underway with regional operators as the JV aims to capture opportunities amid significant discoveries and prospective drilling programs in Egypt’s Mediterranean basin. The JV will operate on a profit-sharing basis and ADES will have exclusive marketing rights within Egypt.
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