{"id":14307,"date":"2024-05-06T12:10:07","date_gmt":"2024-05-06T12:10:07","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14307"},"modified":"2024-05-06T12:10:31","modified_gmt":"2024-05-06T12:10:31","slug":"ades-holding-company-secures-new-award","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/ades-holding-company-secures-new-award\/","title":{"rendered":"EGYPT: ADES Holding Company Secures New Award"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">ADES Holding Company has announce that it has received a Direct Award of Contract (DAC) from Suez Oil Company (SUCO) in Egypt for a 21-Month jackup drilling contract in the Gulf of Suez, expected to commence in the coming weeks.<br>The new award come on the heels of Group\u2019s recently awarded campaigns in Qatar and Thailand that are slated to commence operations in the second half of 2024. Together, the new awards in Thailand, Qatar and Egypt bring the Group\u2019s total redeployments of the recently suspended rigs in Saudi Arabia to three out of five jackups. ADES\u2019 ability to redeploy the majority of the KSA suspended rigs in such a short period of time is thanks to its strong global platform, with a leading presence across nine of the most attractive drilling markets and a highly marketable and demanded fleet of jackup rigs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Key Highlights of the Awards<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The SUCO award in Egypt\u2019s Gulf of Suez is for a firm 21-month term expected to start in the coming weeks.<br>The drilling campaign will utilize a standard jackup unit from ADES\u2019 fleet.<\/li>\n\n\n\n<li>The contract value from the firm term is approximately SAR 161 million.<\/li>\n\n\n\n<li>The new contract comes at an evident increase in daily rate compared to the Group\u2019s current average rates in Egypt, reflecting the current tight market environment for the jack-up industry and translates into favourable impact on the Group\u2019s overall profitability.<\/li>\n\n\n\n<li><br>Commenting on the award, Dr. Mohamed Farouk, CEO of ADES Holding said: \u201cWe are very excited to strengthen our relationship with SUCO with the deployment of one of our units in the Gulf of Suez. We are also very pleased with the Group\u2019s ability to quickly market and secure new campaigns for three out of the five recently suspended rigs in KSA. The speed at which the redeployments will occur, just weeks post their temporary suspension, demonstrates our agility, strength of our global platform and our competitive position with a highly marketable and demanded fleet of jackup rigs during very tight market conditions.\u201d<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>ADES Holding Company has announce that it has received a Direct Award of Contract (DAC) from Suez Oil Company (SUCO) in Egypt for a 21-Month jackup drilling contract in the &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/ades-holding-company-secures-new-award\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":14308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[11542,709,7609],"class_list":["post-14307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-ades-holding","tag-egypt","tag-gulf-of-suez","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/05\/ADES-GROUP.webp?fit=900%2C462&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3IL","jetpack-related-posts":[{"id":15147,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-ades-holding-loses-rig-in-towing-incident-involving-barge-unit\/","url_meta":{"origin":14307,"position":0},"title":"EGYPT: Ades Holding Loses Rig in Towing Incident Involving Barge Unit","author":"","date":"July 2, 2025","format":false,"excerpt":"ADES Holding Company announces that on the evening of Tuesday, 1-7-2025, a towing incident occurred involving Barge Unit Admarine 12, owned by its subsidiary and operating within Egyptian territorial waters. The incident took place while the barge was being towed to a new location and resulted in its capsize. At\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":15145,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-ades-holding-announces-contract-award-with-addax-petroleum\/","url_meta":{"origin":14307,"position":1},"title":"CAMEROON: Ades Holding Announces Contract Award with Addax Petroleum","author":"","date":"July 3, 2025","format":false,"excerpt":"ADES Holding announces that it has been awarded a new contract for the use of Admarine 510 in Cameroon, marking ADES\u2019 entry into its 13th country of operations and continuation of Company\u2019s expansion across the high-potential West African market. The contract has been awarded by Addax Petroleum Cameroon Company S.A.,\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":15067,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-ades-holding-announces-rig-contract-award-with-sinopecc\/","url_meta":{"origin":14307,"position":2},"title":"CAMEROON: Ades Holding Announces Rig Contract Award with Sinopec","author":"","date":"June 9, 2025","format":false,"excerpt":"ADES Holding co. announce that it has been awarded a new contract for the use of Admarine 510 in Cameroon, marking ADES\u2019 entry into its 13th country of operations and continuation of Company\u2019s expansion across the high-potential West African market. The contract has been awarded by Addax Petroleum Cameroon Company\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Admarine-510-2.jpg?fit=800%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13882,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-new-oil-discovery-near-the-gnn-oil-field-in-the-gulf-of-suez\/","url_meta":{"origin":14307,"position":3},"title":"EGYPT: New oil discovery near the GNN oil field in the Gulf of Suez","author":"","date":"August 22, 2023","format":false,"excerpt":"Cheiron is pleased to announce that it has made a new oil discovery in the Geisum and Tawila West Concession (\u201cthe Concession\u201d) in the Gulf of Suez. Cheiron (through its PICO GOS affiliate) holds a 60% working interest and operatorship in the Concession, with Kufpec holding the remaining 40% interest\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Egypt-Cheiron.jpg?fit=636%2C925&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Egypt-Cheiron.jpg?fit=636%2C925&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Egypt-Cheiron.jpg?fit=636%2C925&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8389,"url":"https:\/\/www.oilnewskenya.com\/index.php\/first-oil-achieved-from-the-gnn-discovery-in-the-southern-gulf-of-suez-egypt\/","url_meta":{"origin":14307,"position":4},"title":"First Oil Achieved from the GNN Discovery in the Southern Gulf of Suez, Egypt","author":"","date":"June 22, 2020","format":false,"excerpt":"Cheiron has announced that the GNN-4 well, which was drilled to appraise the recent GNN oil discovery, has been completed and successfully tested at initial rates of over 2,000 bopd. \u00a0The well was drilled as a high angle wellbore from the existing Geisum D platform and has been placed on\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Cheiron-Egypt.jpg?fit=750%2C1093&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Cheiron-Egypt.jpg?fit=750%2C1093&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Cheiron-Egypt.jpg?fit=750%2C1093&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Cheiron-Egypt.jpg?fit=750%2C1093&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14672,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-dragon-oil-cstrikes-oil-in-gulf-of-suez\/","url_meta":{"origin":14307,"position":5},"title":"EGYPT: Dragon Oil Strikes Oil in Gulf of Suez","author":"","date":"February 3, 2025","format":false,"excerpt":"The drilling of the exploration well \"East Crystal-1\" in the Gulf of Suez, operated by the Emirati Dragon Oil Company, through the joint operations company Jabco, have been successful according to he Egyptian Ministry of Petroleum and Mineral Resources. Preliminary testing results for the 16-foot Howara layer showed a daily\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/02\/EGYPT-Gulf-of-Suez.png?fit=456%2C561&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=14307"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14307\/revisions"}],"predecessor-version":[{"id":14310,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14307\/revisions\/14310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/14308"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}