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United Arab Emirates,United Kingdom : ADES extends 3 key Gulf of Suez deals.

The London-listed provider of onshore and offshore oil and gas drilling and production services in the Middle East and Africa through its units, ADES International Holding Ltd., has announced the extension of two current contracts for Admarine II, Admarine IV and renewal of its lease for Admarine VI, all of which are in the Gulf of Suez area.

The Admarine II and Admarine IV contracts extension is broadly aligned with historical rates and serve as a prelude to finaliZing their renewals. The renewal of the Admarine VI lease will in the meantime secure millions of dollars revenue streams for ADES for the next two years.

The Gulf of Suez Petroleum Company (GUPCO), a partnership between BP PLC and the Egyptian General Petroleum Company (EGPC), has extended its current deal for ADES Admarine II jack-up barge, which expired in December 2017, for another 3 months. Admarine II was bought by ADES in 2004 and has been leased to GUPCO since September 2012. The extension is designed to cover the period in which a fifth consecutive contract renewal term for Admarine II with GUPCO is concluded.

GUPCO also extended its current deal for ADES jackup rig, Admarine IV, which expired in December 2017, for another 6 months. Admarine IV was bought by ADES in 2013 and has been leased to GUPCO since January 2014 for drilling in the Gulf of Suez. ADES expects to sign a fifth successive lease deal with GUPCO for Admarine IV in the coming months.

ADES has also been able to renew its existing deal for its Admarine VI jackup rig with the General Petroleum Company (GPC), the first national oil company in Egypt. Originally due to end in March 2018, the contract has been renewed for two years and marks GPCs third consecutive renewal for Admarine VI since the company first started leasing the rig in April 2015.

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Publication:Mena Report
Date:Jan 16, 2018
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