ADES wins contract extensions for two offshore jackup rigs in the Gulf of Suez

Drilling contractor ADES International Holding has secured contract renewals for two of its jackups in the Gulf of Suez offshore Egypt.

General Petroleum Co. has extended the hire of the Admarine VI to March 2018, while the Admarine V will work for a further year for Petrobel, with an optional six-month extension.

In addition, ADES has finalized various exclusive marketing agreements with leading shipyards that will allow it to market newbuild offshore jackups, including some high-spec rigs, for deployment on a revenue-sharing basis.

This approach broadens the contractor’s service offerings, potentially allowing it to penetrate new markets and capture a larger market share, while retaining its low-cost model.