The Clap
Egypt decided to extend contracts for three offshore jack-up rigs operated by “Ades Holding,” with a total value of USD 120 million (SAR 450 million).
What
Ades received notification from the Egyptian General Petroleum Corporation about extending the contracts of two rigs “Admarine 3” and “Admarine 6” for two years, as well as “Admarine 5” for one year.
Claps Class
Jack-up rigs are known for their durability and are equipped with high-specification equipment to operate in deep waters.
So What
Ades believes that this extension will lead to a “significant increase” in daily rental rates compared to the group’s current average ratios in Egypt. This reflects the state of the jack-up drilling platforms market during this period.
It will also enhance confidence in the company’s activities and cash flows.
Some Context
Ades, known for providing drilling and production services to the oil and gas sector, has confirmed its confidence in its ability to grow. This is despite Aramco’s recent announcement of discontinuing capacity expansion.
