ADES International Holding Ltd. has completed the acquisition of twelve onshore rigs from Weatherford International Plc in Kuwait, the company said on Nov. 2.
The transaction forms part of the previously signed definitive agreement with a subsidiary of Weatherford to acquire thirty-one onshore drilling rigs for a total consideration of $287.5 million across Kuwait, Saudi Arabia, Algeria and Southern Iraq.
Twelve rigs acquired for a total consideration of $123 million, two idle land drilling rigs in Southern Iraq for an additional $12 million pending delivery, all of which were financed through a combination of cash and secured debt instruments
Eight out of twelve rigs currently contracted in Kuwait with a cumulative estimated backlog of $600 million to be consumed over the next six years and includes Weatherford’s associated assets in Kuwait, management systems and circa 976 employees and contract personnel.
ADES continues to work towards closing the acquisition of the remaining seventeen Weatherford rigs, including eleven rigs in Saudi Arabia and six rigs in Algeria, with completion expected by the end of 2018.
ADES will provide a trading update to the market mid November 2018.
“The twelve Kuwaiti rigs bring ADES’ total number of onshore rigs in the MENA region to fifteen, significantly increasing our onshore capabilities and cementing the group’s position as a major drilling contractor for both onshore and offshore markets,” Dr. Mohamed Farouk, CEO of ADES, said.
McDermott International Inc. has been awarded a substantial contract from a Middle East customer for engineering, procurement, construction and installation (EPCI) services in the Arabian Gulf, the company said on March 21.
Topaz Energy and Marine has signed contract extensions for 12 of its vessels currently supporting the offshore operations of BP Exploration (Caspian Sea) Ltd. in Azerbaijan, the company said on March 20.
Awilco Drilling has announced that its fully owned subsidiary Awilco Rig 2 Pte. Ltd., on March 22, signed a contract with Keppel FELS shipyard in Singapore for the building of one new CS60 ECO MW semisubmersible drilling rig.