Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

ADES International inks Arabian Gulf offshore rig purchase

An ONGC platform at Bombay High in the Arabian Sea
An ONGC platform at Bombay High in the Arabian Sea

Oil and gas drilling and production service provider ADES International Holding Ltd (ADES) have signed a Purchase and Sale Agreement (PSA) with Nabors Drilling International II Limited for three operating jack-up rigs.

Nabors International II Limited, a subsidiary of Nabors Industries Ltd, has sold the jack-up rigs to ADES for $83million.

The three operating rigs are currently under contract with a major national oil firm in the Arabian Gulf and have been in continuous service for 10 years.

The PSA also provides for the existing drilling contracts associated with the rigs to be transferred to ADES.

The acquisition is expected to add approximately US$60 million annually to ADES’ Group revenue, while maintaining margins and thereby further enhancing Group earnings.

Dr. Mohamed Farouk, chief executive officer of ADES International Holding, said: “We are delighted to announce the signing of the PSA to purchase these rigs, which once closed, will double our Arabian Gulf fleet and number of contracted rigs. The acquisition will enhance the Group’s position in the region’s offshore drilling fields and serves as testimony to the confidence our clients have placed in us.

Nabors has a significant track record and strong operational experience in the oilfield services sector and we are very pleased with their decision to become a shareholder in the Group. We view their continued involvement and alignment with ADES, including the provision of access to their state of the art drilling technology, as a positive reinforcement of their confidence in our business.

On completion, the acquisition will have an immediate substantial and positive impact on our revenues and ADES’ cash flow-generating ability, and is in line with our post-IPO growth strategy of scaling-up operations in existing and target markets.”

The transaction is expected to be completed by end of Q1 2018.

Recommended for you

More from Energy Voice

Latest Posts