TIDMADES
RNS Number : 2398S
ADES International Holding
08 March 2019
ADES Teaming with Vantage Secures
Short-term Deepwater Drilling Contract in Egypt
(London & Dubai, 8 March 2019) ADES International Holding
PLC ("ADES" or the "Company"), a leading oil & gas drilling and
production services provider in the Middle East and North Africa
(MENA), is pleased to announce that it has entered, through its
subsidiary ADES S.A.E., into a short-term exploration contract with
Dana Gas for deepwater drilling services in the Egyptian
Mediterranean basin. The service will be provided using Vantage's
Tungsten Explorer, comprising one firm well and the contract is
estimated to last 77 days, with an extension option to a further
three wells.
The services will be subcontracted to ADVantage, a joint venture
("JV") between ADES and Vantage Drilling International ("Vantage"),
which was announced on 15th November 2017. ADVantage utilises ADES'
experienced local workforce and pre-qualification in the
Mediterranean basin with Vantage's Tungsten Explorer drillship as
well as their extensive deepwater drilling experience.
Amid significant gas discoveries and prospective drilling
programmes in the region, this contract presents several attractive
commercial opportunities which could be realized through an
extension over the long-term.
The contract will operate on a profit-sharing basis, enabling
ADES to generate additional revenue without incurring the
significant capital expenditure normally associated with deepwater
drilling.
Dr. Mohamed Farouk, Chief Executive Officer of ADES
International Holding, said:
"Since the time of our listing, we have consistently highlighted
the attraction of the asset light model. We are extremely pleased
to have secured our first contract in the Mediterranean with Dana
Gas, where we will build on our track record of consistently
delivering a high-quality service to our clients. This contract is
fully consistent with our approach, as we continue to see
attractive long-term prospects for the JV and our partner Vantage'
high quality assets in the ultra-deepwater Egyptian market."
Mr. Ihab Toma. Chief Executive Officer of Vantage Drilling
International stated:
"We are delighted to put the Tungsten Explorer back to work so
soon after it completed certain upgrades as well as finishing its
five year campaign for Total in Congo. This award recognizes the
long track record of excellent performance and hard work of the
crew of Tungsten Explorer. In particular, we would like to express
our appreciation and gratitude to Dana Gas for giving Vantage and
ADES its trust. We look forward to working with ADES, through our
joint venture, and continuing to provide industry leading service
for our clients."
-Ends-
Enquiries
ADES International
Holding
Hussein Badawy
Investor Relations
Officer ir@adesgroup.com +2 (0)2527 7111
Instinctif
+44 (0)20 7457
David Simonson david.simonson@instinctif.com 2020
+44 (0)20 7457
George Yeomans george.yeomans@instinctif.com 2020
+44 (0)20 7457
Sarah Hourahane sarah.hourahane@instinctif.com 2020
NOTES TO EDITORS
About ADES International Holding
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
and offshore contract drilling as well as workover and production
services. Its over 4,000 employees serve clients including major
national oil companies ("NOCs") such as Saudi Aramco, Kuwait Oil
Company 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
thirty onshore drilling rigs, thirteen jack-up offshore drilling
rigs, a jack-up barge, and a mobile offshore production unit
("MOPU"), which includes a floating storage and offloading unit.
For more information, visit investors.adihgroup.com
About Vantage Drilling International
Vantage, a Cayman Islands exempted company, is an offshore
drilling contractor, with a fleet of three ultra-deepwater
drillships and five premium jackup drilling rigs. 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 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. For more information,
please visit www.vantagedrilling.com.
Forward-looking statements
Certain statements contained in this announcement, including any
information as to the Group's strategy, plans or future financial
or operating performance constitute "forward looking statements".
These forward-looking statements can be identified by the use of
forward looking terminology, including the terms "believes",
"estimates", "anticipates", "projects", "expects", "intends",
"aims", "plans", "predicts", "may", "will", "seeks" or "should" or,
in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts. They
appear in a number of places throughout this announcement and
include statements regarding the intentions, beliefs or current
expectations of the Directors of the Company concerning, amongst
other things, the Group's results of operations, financial
condition and performance, prospects, growth and strategies and the
industry in which the Group operates.
By their nature, forward looking statements address matters that
involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward looking statements are not guarantees of future performance
and the Group's actual results of operations and financial
condition, and the development of the business sector in which the
Group operates, may differ materially from those suggested by the
forward-looking statements contained in this announcement. In
addition, even if the Group's results of operations and financial
condition, and the development of the industry in which the Group
operates, are consistent with the forward- looking statements
contained in this announcement, those results or developments may
not be indicative of results or developments in subsequent
periods.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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