Press

ADES Completes Acquisition of Drilling Operations from Weatherford in Kuwait

Posted by OilVoice Press - OilVoice

04-Nov-2018


ADES International Holding Ltd. (“ADES” or the “Company”), a leading oil & gasdrilling and production services provider in the Middle East and North Africa (MENA), is pleased to announce that it has completed the acquisition of twelve onshore rigs from Weatherford International plc. (“Weatherford”) in Kuwait.

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

Transaction Highlights

  • Twelve rigs acquired for a total consideration of US$ 123 million, two idle land drilling rigs in Southern Iraq for an additional US $12 million pending delivery, all of which were financed through a combination of cash and secured debt instruments

  • Eight out of twelve rigs currently contracted in Kuwait with a cumulative estimated backlog of US$ 600 million to be consumed over the next six years (including options)

  • Includes Weatherford's associated assets in Kuwait, management systems and circa 976 employees andcontract personnel

ADES continues 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.

ADES will provide a trading update to the market mid November 2018.

Dr. Mohamed Farouk, Chief Executive of ADES, said: “Today's announcement is an important milestone for the Groupas 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 positionas a major drilling contractor for both onshore and offshore markets.”



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

ADES InternationalADESAcquisitionDrillingKuwaitMiddle EastJemenaonshoreRigsWeatherford International

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 2 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 6 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 11 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 11 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 11 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice