ADES lands first onshore deep-drilling contracts in Kuwait

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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.”

Proactiveinvestors.co.uk

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