ADES Group Secures New Drilling Contract in Egypt’s Gulf of Suez

ADES Holding Company, a subsidiary of the Saudi Arabia-based ADES Group, secures a new drilling contract in Egypt’s Gulf of Suez with Suez Oil Company (SUCO) valued at SAR 161 million. The contract reflects ADES’ continued expansion in the region, with recent contracts in Qatar and Thailand. CEO Dr. Mohamed Farouk expresses excitement over the partnership with SUCO and highlights the company’s agility in redeploying rigs in Saudi Arabia. The contract in Egypt includes a higher daily rate, showcasing ADES’ success in the competitive jack-up rig market.