ADES secures new contracts in Algeria
LONDON and DUBAI -- ADES International Holding PLC (ADES or the Group), an oil & gas drilling and production services provider in the Middle East and North Africa (MENA), is pleased to announce that it has secured two new contracts for its onshore rigs ADES 2 and ADES 3 in Algeria with Groupement Sonatrach AGIP (GSA).
ADES 2 contract comprises one firm well and four optional wells, effective from the date of the rig delivery to the operational field, which is expected to take place during second-quarter 2019. The new contract will add an estimated backlog of $8 million.
ADES 3 contract was signed for two years firm and one year optional, effective upon expiry of the existing contract in third-quarter 2019.The new contract will add an estimated backlog of $19 million.
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Dr. Mohamed Farouk, chief executive of ADES said, “These new contracts strengthen our position in the strategic Algerian market and are in line with our focus on organic growth following our recent acquisitions. I am particularly pleased with the resumption of operations at ADES 2, which will add incremental value. We remain confident in our ability to use ADES’ well-distributed asset base to enter into competitive contract bidding across the region and leverage our unutilized rigs.”