ADES Holding Company, a subsidiary of the Saudi Arabia-based ADES Group, has successfully secured a new drilling contract for one of its rigs in Egypt’s Gulf of Suez with Suez Oil Company (SUCO), a part of the Egyptian General Petroleum Corporation (EGPC). The 21-month drilling gig is set to commence in the near future following a direct award of contract from SUCO.
With this latest contract, valued at approximately SAR 161 million (around $42.93 million), ADES continues to expand its presence in the region. The company has recently been awarded contracts in Qatar and Thailand, with operations scheduled to begin in the latter part of 2024. This success has enabled ADES to redeploy three out of five of its temporarily suspended jack-up rigs in Saudi Arabia.
According to Dr. Mohamed Farouk, the CEO of ADES Holding, the company is thrilled to enhance its partnership with SUCO through the deployment of one of its units in the Gulf of Suez. The swift redeployment of rigs in Saudi Arabia underscores the company’s agility and the strength of its global platform, which spans nine key drilling markets. ADES attributes its success to its highly sought-after fleet of jack-up rigs.
The contract awarded in Egypt includes a higher daily rate compared to ADES’ current average rates in the country, reflecting the competitive nature of the jack-up rig market. The company views this as a positive development amidst challenging market conditions.
