New rigs from old
Ades chief executive Mohamed Farouk reveals his firm’s formula for offering oil companies rigs at lower-than-market rates
Every dark cloud, they say, has a silver lining. As the global oil industry languished after the post-2014 price collapse, one Egyptian oilfield services company was lucky enough to discover that proverbial precious-metal lining. Advanced Energy Systems (Ades) was well-placed to cash in on the misery that oil firms around the world were enduring. For 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. "The oil-price crash affected us in a positive manner," Mohamed Farouk, Ades' chief executive, told Petroleum Economist. "We found a lot of good assets to acquire, that companies couldn't afford to keep." It was a favou
Also in this section
30 December 2025
Heightened unpredictability in the global energy market underlines the vital nature of UGS, which provides reliability, affordability and resilience
29 December 2025
The surge in power demand created by the AI boom means energy policy and national security are now one and the same
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
