Vantage Drilling International Reaches Agreement with ADES International Holdings Ltd. to Provide Deepwater Drilling Services...
November 15 2017 - 11:54AM
Vantage Drilling International (“Vantage”), announces today that it
has reached an agreement with a subsidiary of ADES International
Holding Ltd. (LON:ADES), the London-listed offshore and onshore
provider of oil and gas drilling and production services in the
Middle East and Africa, to form a joint venture that will provide
deepwater drilling services offshore of Egypt.
The Egyptian joint venture company will
capitalize on Vantage’s modern fleet and deepwater drilling
experience and ADES International’s experience, expertise and
leadership position in Egypt’s Mediterranean basin. The
agreement will allow Vantage to bareboat charter its available
deepwater units to the joint venture while allowing it to access a
new, attractive and low cost market. The joint venture will
operate on a shared profit basis and will have exclusive deepwater
marketing rights within Egypt. The relationship will enable
ADES to gain experience in the deepwater drilling arena and grant
Vantage access to the attractive Mediterranean basin while
increasing the marketability of its deepwater fleet.
Commenting on the joint venture, Mr. Ihab Toma,
Chief Executive Officer of Vantage Drilling International stated,
“In ADES we have found a professional, well experienced Egyptian
partner that will allow the joint venture to leverage each team’s
capabilities, thereby providing a unique service in Egypt. We very
much look forward to a long and mutually beneficial relationship
with ADES.”
Dr. Mohamed Farouk, Chief Executive Officer of
ADES stated, “We are very excited to be partnering with such a
reputable operator as Vantage and we look forward to implementing
favorable synergies that will benefit both parties. This
agreement exemplifies our asset-light model, a natural development
of ADES’s strategy that targets optimized cost structures across
operating environments. We have a proven track record of offering
exceptional value for money within our primary focus in shallow,
non-harsh environments. While this remains our core strategy, our
long-term JV with Vantage will extend our reach into deepwater
drilling while retaining our low-cost model.”
Vantage Drilling International, a Cayman Islands
exempted company, is an offshore drilling contractor, with a fleet
of three ultra-deepwater drillships, four premium jackup drilling
rigs and one standard jack-up drilling rig. Vantage's primary
business is to contract drilling units, related equipment and work
crews primarily on a dayrate basis to drill oil and natural gas
wells globally for major, national and large independent oil and
natural gas companies. Vantage also provides construction
supervision services and preservation management services for, and
will operate and manage, drilling units owned by
others. www.vantagedrilling.com
ADES International Holding extends oil and gas
drilling and production services through its subsidiaries and is a
leading service provider in the Middle East and Africa, offering
onshore contract drilling as well as workover and production
services in Egypt, Algeria and Saudi Arabia. The company is
pre-qualified in markets including Egypt, Saudi Arabia, Algeria,
India, Mexico and the Saudi–Kuwaiti Neutral Zone. Its over 1,200
employees serve clients including major national oil companies
(“NOCs”) such as Saudi Aramco and Sonatrach as well as joint
ventures of NOCs with global majors including BP and Eni. While
maintaining a superior health, safety and environmental record, the
Group currently has a fleet of nine jack-up offshore drilling rigs,
three onshore drilling rigs, a jack-up barge, and a mobile offshore
production unit (“MOPU”), which includes a floating storage and
offloading unit. ADES International Holding is the largest
offshore drilling operator in Egypt by number of rigs.
http://investors.adihgroup.com
The information above includes forward-looking
statements within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934. These forward-looking statements
are subject to certain risks, uncertainties and assumptions
identified above or as disclosed from time to time in the company's
filings that it may be required to make, or may otherwise
voluntarily make, with the Securities and Exchange Commission. As a
result of these factors, actual results may differ materially from
those indicated or implied by such forward-looking statements.
Vantage disclaims any intention or obligation to update publicly or
revise such statements, whether as a result of new information,
future events or otherwise.
Public & Investor Relations Contact:Thomas
J. CiminoChief Financial OfficerVantage Drilling International(281)
404-4700
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