ADES has announced that it has entered, through its subsidiary, into a second deepwater drilling campaign with an international oil company for deepwater drilling services in the Egyptian Mediterranean area. The service will be provided using Vantage’s Tungsten Explorer and covers one firm well, “Nigma 1”, with the contract estimated to last 73 days.
The services will be subcontracted to ADVantage, a joint venture between ADES and Vantage Drilling International, leveraging ADES’s pre-qualification for operations in the Mediterranean basin. ADVantage utilizes ADES’s experienced local workforce and Vantage’s Tungsten Explorer drillship while combining the companies’ extensive deepwater drilling experience.
The contract will operate on a profit-sharing basis, enabling ADES to generate additional revenue without incurring the significant capital expenditures normally associated with deepwater drilling.
“We are extremely pleased to have secured a second deepwater drilling campaign with our top tier client in the Mediterranean, where we will build on our track record of consistently delivering high-quality service to our clients,” Dr Mohamed Farouk, Chief Executive Officer of ADES International Holding, said. “This project is fully consistent with our focus on the region. With a string of major gas discoveries propelling demand for oil and gas services and prospective drilling programs, lucrative commercial opportunities continue to attract attention. ADES is on the right track, as we fully leverage our valuable partnership with Vantage and its high-quality asset in Egypt’s ultra-deepwater market.”