Ades announces major rig expansion plan
The Egyptian firm, while benefiting from the country's own upstream boom, is moving into new markets
In its H1 results announcement, Egypt-based oil and gas service company Advanced Energy Systems (Ades) has highlighted plans for a major expansion in the number of rigs it will be able to offer to upstream operators. The company's business model is to buy up and refurbish legacy rigs before leasing them at a low cost to oil and gas operators. Mohamed Farouk, Ades' chief executive, in a statement accompanying the half-year results, said that in June the company finalised the acquisition of three ultra-shallow offshore jack-up rigs from subsidiaries of Nabor. The rigs are at present contracted to Saudi Aramco. Then in July, Farouk added: "we significantly expanded our onshore capabilities by
Also in this section
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy
15 April 2024
Though hampered by methane concerns, US LNG has a crucial role to play for European and Asian energy security, US economic needs and the energy transition drive
12 April 2024
Iran has announced multibillion dollar spending programmes aimed at domestic companies, inspired by recent export success