ADES Hired for Deep Drilling off Egypt
London-listed ADES International Holding has secured a deep-water drilling contract off the coast of Egypt.
The contract comes from “a top tier international oil company,” ADES said in a statement on October 11, and covers work at the Nigma-1 well in the Mediterranean Sea. The work will be subcontracted to ADVantage, a joint venture between ADES and Vantage Drilling. Vantage’s Tungsten Explorer drill ship is expected to complete the campaign in 73 days.
“The project is fully consistent with our focus on the region,” ADES CEO Mohamed Farouk said. “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.”
Earlier this year ADES was hired to sink the Merak-1 well at Egypt’s offshore North El Arish concession for Dana Gas, but the borehole came up dry.