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02 Nov 2018 | 10:31

Ades acquires 12 onshore rigs from Weatherford for $123m

Oil & gas services provider Ades said Friday it had acquired twelve onshore rigs from Weatherford International in Kuwait for $123m.

Eight out of twelve rigs were currently contracted in Kuwait with a cumulative estimated backlog of $600m, which would be consumed over the next six years, Ades said.

The transaction was part of a previously signed definitive agreement with a subsidiary of Weatherford to acquire thirty-one onshore drilling rigs for a total of $287.5m across Kuwait, Saudi Arabia, Algeria and Southern Iraq.

Ades said it continued to work towards closing the acquisition of the remaining seventeen Weatherford rigs, including eleven rigs in Saudi Arabia and six rigs in Algeria, with completion expected by the end of 2018. 'Today's announcement is an important milestone for the Group as we enter the attractive Kuwaiti market for the first time. The twelve Kuwaiti rigs bring ADES' total number of onshore rigs in the MENA region to fifteen, significantly increasing our onshore capabilities and cementing the Group's position as a major drilling contractor for both onshore and offshore markets,' said Dr. Mohamed Farouk, Chief Executive of ADES.

At 10:31am: (LON:ADES) ADES International Holding Ltd share price was -0.27p at 13.28p

Story provided by StockMarketWire.com
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