ADES wins contract for ADMARINE III jackup with Egypt's GPC


LONDON -- ADES International Holding Ltd., the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, is pleased to announce that it has been awarded a new contract for its ADMARINE III offshore jackup rig.

The contract was awarded by General Petroleum Company (GPC), the first national oil company in Egypt. The contract entails an initial two-year engagement of ADMARINE III with an option to extend for a further two-years. No significant additional capex is anticipated for the ongoing deployment of the rig.

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