Continental Focus, International Reach

Ades Sees New Contract in Egypt & Extension in Algeria

Tuesday, June 25, 2019

Ades International was awarded a new two-year contract for its ADMARINE IV offshore jack-up rig in Egypt and had signed a one-year contract extension for its onshore rig RIG 828 in Algeria.

The ADMARINE IV contract was awarded by a “leading Egyptian energy company through tendering and has a term of an initial one-year engagement, with an option to extend for another year at the same rates,” the company said.

In Algeria, the existing contract of RIG 828 was extended for a one-year engagement under the same terms and will run through June 2020, the company added.