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ADES International Holding PLC

ADES International picks up second deepwater contract in the Med

“With a string of major gas discoveries propelling demand for oil and gas services and prospective drilling programs, lucrative commercial opportunities continue to attract attention.”

ADES International Holding PLC -

Oil rig contractor ADES International PLC (LON:ADES) has won a second deepwater drilling campaign in the Egyptian Mediterranean area.

ADES skillset is onshore and shallow water jack-up rigs, but it has a joint venture with deepwater driller Vantage to use its fleet in the Mediterranean.

Vantage's Tungsten Explorer will drill the "Nigma 1" well on a contract estimated to last 73 days. The client was not named.

Mohamed Farouk, ADES’ chief executive, said: “This project is fully consistent with our focus on the region.

“With a string of major gas discoveries propelling demand for oil and gas services and prospective drilling programs, lucrative commercial opportunities continue to attract attention.”

It is the Tungsten Explorer’s second contract through ADES this year with Dana using the rig to drill for gas in the Med in March.

Quick facts: ADES International Holding PLC

Price: 12.8 USD

Market: LSE
Market Cap: $560.56 m
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