ADES International Holding PLC (LON:ADES), a leading oil & gas drilling and production services provider in the Middle East and North Africa, said it has secured a new contract in the Gulf of Suez.
The contract, secured with a top-tier client, covers a firm six-month period, with the option to extend for an additional six months. The daily rate for the contract will be similar to a previous contract held by the company.
The contract further strengthens ADES's position and revenue visibility in Egypt. The new contract is expected to commence in February 2021.
The company said it has also bought 100 of its own shares at US$9.80 per share.