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24 Jun 2019 | 09:10

Ades International wins new contract in Egypt; extends contract in Algeria

Ades International, an oil & gas drilling and production services provider, said it was awarded a new two-year contract for its ADMARINE IV offshore jack-up rig in Egypt and had signed a one-year contract extension for its onshore rig RIG 828 in Algeria. The ADMARINE IV contract was awarded by a 'leading Egyptian energy company through tendering and has a term of an initial one-year engagement, with an option to extend for another year at the same rates,' the company said. In Algeria, the existing contract of RIG 828 was extended for a one-year engagement under the same terms and will run through June 2020, the company added.

At 9:10am: (LON:ADES) ADES International Holding Ltd share price was -0.1p at 13.65p

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