Tungsten Explorer to Drill ADES Offshore "Nigma 1" Well

The "Tungsten Explorer" drill ship provided by Vantage will be in service to drill "Nigma 1" well in Egypt. According to the Pipeline Oil and Gas Magazine on October 13, the US ADES International Holdings was awarded a deep-water well drilling contract in offshore Egypt.

The service will be subcontracted to ADVantage, a joint venture between ADES and Vantage Drilling International, and will use ADES for pre-qualification in the Mediterranean Basin. The service will use Vantage's "Tungsten Explorer" to explore one firm well, "Nigma 1", and the contract is expected to last for 73 days.

The contract will operate on a profit-sharing basis, enabling the company to generate additional revenue without incurring the significant capital expenditures typically associated with deep-water drilling.

Dr. Mohamed Farouk, Chief Executive Officer of ADES, said: "We are extremely pleased to have secured a second deep-water drilling campaign with our top tier client in the Mediterranean, where we will build on our track record of consistently delivering high-quality service to our clients. This project is fully consistent with our focus on the region. As a series of major gas discoveries drive demand for oil and gas services and future drilling programs, lucrative business opportunities continue to attract attention. The company is on the right track, as we fully leverage our valuable partnership with Vantage and its high-quality asset in Egypt's ultra-deep-water market."

ADES extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and North Africa, offering onshore and offshore contract drilling as well as workover and production services. Using "Tungsten Explorer" to drill the offshore "Nigma 1" well in Egypt will be a prospect for the enterprise.

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