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.
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