ADES International Holding a UAE based company and Vantage Drilling, has secured a deep-water drilling contract in the Egyptian Mediterranean area.
ADES confirmed the contract award on Friday with an unnamed “top tier international oil company”.
Vantage Drilling, which has a joint-venture with ADES and using its drill ship Tungsten Explorer, would provide the work. The contract runs for one firm well, Nigma 1, estimated to run for 73 days.
The contract will run on a profit-sharing basis.
“We are extremely pleased to have secured a second deepwater drilling campaign with our top tier client in the Mediterranean, where we will build on our track record of consistently delivering high-quality service to our clients,” said ADES’ CEO Mohamed Farouk. 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.”
The company’s representatives declined to name who the work would be carried out for, citing the terms of the partnership agreement not allowing to disclose the name of the end client.
ADES did disclose last March the name of the first contract via ADVantage, which was with Dana Gas. The Tungsten Explorer was committed to the drilling of one well, with the contract running for 77 days.
The Merak-1 well was spudded on May 20, in the North El Arish concession, Block 6, in the Eastern Mediterranean Basin. It failed to find commercial hydrocarbons and was plugged and abandoned. The failure appears to have led the company not to exercise its options for another three wells from the rig.
After finishing the job, Tungsten Explorer is supposed to move to Lebanon’s Offshore Block No. 4 to drill the first Lebanese exploration well. However, the original set starting date on December 15th 2019 will be pushed further, thus, the Lebanese drilling will start beginning of 2020.