Oil and gas drilling and production services provider ADES International Holding’s subsidiary ADES SAE has signed a contract for a second deep-water drilling campaign in the Egyptian Mediterranean area with an undisclosed oil company.
The service will be provided using Vantage’s Tungsten Explorer and covers one firm well, “Nigma 1”, with the contract estimated to last 73 days.
The services will be subcontracted to ADVantage, a joint venture between ADES and Vantage Drilling International, leveraging ADES’s pre-qualification for operations in the Mediterranean basin. ADVantage utilizes ADES’s experienced local workforce and Vantage’s Tungsten Explorer drillship while combining the companies’ extensive deepwater drilling experience.
The contract will operate on a profit-sharing basis, enabling ADES to generate additional revenue without incurring the significant capital expenditures normally associated with deepwater drilling.