logo-loader
viewADES International Holding PLC

ADES lands first onshore deep-drilling contracts in Kuwait

“This represents a major step towards our strategic objectives and underpins ADES's ability to deliver drilling services under a LSTK contracting model," said Dr Mohamed Farouk.

ADES International Holding PLC - ADES lands first onshore deep-drilling contracts in Kuwait

ADES International Holding PLC (LON:ADES) has landed its first onshore deep drilling contracts in Kuwait, under its lump-sum turnkey arrangement with Baker Hughes.

Two contracts were awarded by Baker Hughes. Each come with an initial two-year term. Both are expected to commence in the second quarter of 2020, and, the day rates are said to be similar to ADES’ existing fleet in Kuwait.

"We are extremely pleased to secure our first onshore deep drilling LSTK contract with Baker Hughes,” said Dr Mohamed Farouk, ADES chief executive.

READ: ADES International reveals 169% rise in Q3 revenue

“This represents a major step towards our strategic objectives and underpins ADES's ability to deliver drilling services under a LSTK contracting model.

“In addition, it further supports our expansion into the high potential market of Kuwait following the Weatherford acquisition and offers greater backlog visibility.”

Quick facts: ADES International Holding PLC

Price: 8.5 USD

LSE:ADES
Market: LSE
Market Cap: $369.1 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of ADES International Holding PLC named herein, including the promotion by the Company of ADES International Holding PLC in any Content on the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Salt Lake Potash unveils 'outstanding' BFS for its Lake Way...

Headlines from the Proactive UK newsroom. A Bankable Feasibility Study (BFS) has valued Salt Lake Potash’s (LON:SO4) Lake Way project at £259mln based on production of 245,000t per year. Oil rig contractor ADES (LON:ADES) has won its second deepwater drilling campaign in the Egyptian...

on 11/10/19

2 min read