Dubai-based oil and gas drilling and production services provider ADES International Holding PLC told investors on Monday that it has secured two contracts, one in Egypt and another in Saudi Arabia.
In Egypt, ADES has a new two-year early production facility contract, a statement released by the company said. It is set to establish an early production deck floor and topside facilities for the client, along with a jack-up barge charter.
The new contract highlights the company’s agility in providing innovative solutions to its clients in the ongoing challenging market conditions – with this approach enabling a quicker route to production than a fully-fledged production facility, ADES statement read.
“We are extremely pleased to secure an early production facility contract with a top-tier client in Egypt,” said ADES chief executive Mohamed Farouk in the statement.
In Saudi Arabia, ADES has managed to extended a rig contract for three extra months to now run until the end of the first quarter of 2021. Earlier this year, this contract was already extended by six months.
“Our differentiated business model highlights the Group’s innovative capabilities and tailored solutions to meet clients’ requirements and business needs.” Farouk said.
“By utilizing the Group’s existing assets to set up an early production facility, our clients have the opportunity to optimize capex spend by shifting to a more cost-efficient opex-based model and focus on increasing production quicker and at a lower cost.”
“This innovative model further strengthens our position as a market leader in Egypt and coupled with the extension in KSA, offers greater backlog visibility during the current market conditions,” he concluded.
