ADES International Holding Plc said April 12 it has secured two new contracts for its onshore rigs ADES 2 and ADES 3 in Algeria with Groupement Sonatrach AGIP.
ADES 2 contract comprises one firm well and four optional wells, effective from the date of the rig delivery to the operational field, which is expected to take place during second-quarter of 2019. The new contract will add an estimated backlog of US$ 8 million.
ADES 3 contract was signed for two years firm and one year optional, effective upon expiry of the existing contract in third-quarter of 2019.The new contract will add an estimated backlog of US$ 19 million.
“These new contracts strengthen our position in the strategic Algerian market and are in line with our focus on organic growth following our recent acquisitions. I am particularly pleased with the resumption of operations at ADES 2, which will add incremental value. We remain confident in our ability to use ADES’ well-distributed asset base to enter into competitive contract bidding across the region and leverage our unutilized rigs,” Dr. Mohamed Farouk, CEO of ADES, said.
The transaction also consolidates Proserv’s drilling services offering following a strategic review of the Aberdeen-based company’s portfolio of control technology services.
Neptune Energy has entered a global alliance agreement with TechnipFMC for delivering subsea projects on April 2.
Woodside and the Australian Space Agency on March 26 signed a statement of strategic intent and cooperation aimed at enhancing the capability and competitiveness of Australian industry and promoting technology transfer between the space sector and the oil and gas sector.