ADES says 3 Egypt offshore jack-up contracts extended for SAR 450M

One of ADES jack-up rigs

ADES Holding Co. received a notice of extension from the General Petroleum Co. (GPC) for three offshore jack-up rigs in Egypt for SAR 450 million, according to a statement to Tadawul.

The contracts of two rigs: Admarine III and Admarine VI will be extended for two years, as well as Admarine V for one year.

ADES, an oil and gas drilling services provider, expects these extensions to be implemented in the coming weeks following the approval of the Egyptian General Petroleum Corporation (EGPC). 

These extensions will further solidify ADES’ position in the Egyptian market and boost the daily rates compared to the Group’s current average rates in Egypt.