ADES, Vantage team up for deepwater drilling contract in Egypt

LONDON and DUBAI -- ADES International Holding PLC, 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, which was announced on Nov. 15, 2017. ADVantage utilizes 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 programs 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.