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ADES Wins Onshore Drilling Contracts in Kuwait

UAE-based ADES International has secured two onshore deep drilling contracts from oil field services company Baker Hughes under a lump sum turnkey project (LSTK) in Kuwait.

 

The contracts bagged for rigs ADES 180 and ADES 878 come with an initial two-year term, with an option to extend for an additional six months.

 

The contracts are expected to begin in the second quarter of next year upon expiry of present contracts, with similar daily rates to the company’s existing fleet in Kuwait.

 

ADES International CEO Mohamed Farouk said: “We are extremely pleased to secure our first onshore deep drilling LSTK contract with Baker Hughes.

 

“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.”

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