Vantage Drilling, ADES JV to offer deepwater drilling services in Egypt

Offshore driller Vantage Drilling has entered into a joint venture with ADES to provide deepwater drilling services in Egypt.

In a statement on Wednesday, ADES said the alliance will benefit from Vantage’s deepwater drilling experience and ADES’ “leadership position” within the Egyptian offshore drilling market.

The joint venture will operate Vantage’s deepwater drilling units in Egyptian waters on a bareboat charter agreement basis. According to ADES, talks are underway with regional operators.

The joint venture aims to capitalize from opportunities and prospects created by recent significant discoveries in the Mediterranean Offshore Egypt. As previously reported, Egypt is home to the Mediterranean Sea’s largest offshore gas discovery – the Zohr. The discovery was made by Eni in 2015, and the field is set to start producing later this year.

Profit sharing

Sharing more on the joint venture, ADES said it would operate on a profit-sharing basis and ADES will have exclusive marketing rights within Egypt.

“The agreement will enable ADES to generate additional revenue without incurring the significant capital expenditure associated with deepwater drilling. As part of the JV, Vantage will gain access to the attractive Mediterranean basin, optimise access to local workforces and service providers and increase marketability of its ultra-deepwater fleet,” Ades said.

Mohamed Farouk, Chief Executive Officer of ADES International Holding, said shallow-water focus would remain the company’s core strategy, “our long-term JV with Vantage will extend our reach into deepwater drilling while retaining our low-cost model.”

Ihab Toma, Chief Executive Officer of Vantage Drilling International stated: “In ADES we have found a professional, well experienced Egyptian partner that will allow the JV to leverage each team’s capabilities, thereby providing a unique service in Egypt.”

 

Related: WoodMac podcast: Egypt’s upstream renaissance

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both domestic and overseas buyer groups, including Shell, Exxon Mobil, Total…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply