ADES Acquires 12 Rigs From Weatherford In Kuwait

Laxman Pai
Sunday, November 4, 2018

Drilling company Ades International Holding has bought 12 onshore rigs from Weatherford in Kuwait for $ 123 million.

The oil & gas drilling and production services provider in the Middle East and North Africa (MENA) said in a press release that 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 $287.5 million across Kuwait, Saudi Arabia, Algeria and Southern Iraq.

"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," said a release from the company.

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), it said.

Transaction includes Weatherford's associated assets in Kuwait, management systems and circa 976 employees and contract 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. It 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 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."

Categories: Drilling Drilling Hardware Middle East Mergers & Acquisitions Finance

Related Stories

Eni Makes Significant Gas Discovery Offshore Indonesia

Japan’s JERA Signs First Long-Term LNG Deal with India’s Torrent Power

Eni Expands Asian Footprint with Long-Term LNG Contract in Thailand

ADES Nets $63M Contract for Compact Driller Jack-Up off Brunei

Blackford Dolphin Semi-Sub to Keep Drilling Offshore India

Aramco Expands US Partnerships with $30B in New Deals

SED Energy’s GHTH Rig Kicks Off Ops for PTTEP

MODEC Forms Dedicated Mooring Solutions Unit

Norwegian Oil Investment Will Peak in '25

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Current News

Eni Makes Significant Gas Discovery Offshore Indonesia

Petronas Enlists MISC for FPU Job at Gas Field Offshore Brunei

Japan’s JERA Signs First Long-Term LNG Deal with India’s Torrent Power

India's ONGC Set to Retain 20% stake in Russia's Sakhalin-1 Project

Harbour Energy to Sell Stakes in Indonesian Assets to Prime Group for $215M

Eni Expands Asian Footprint with Long-Term LNG Contract in Thailand

Finder Energy Buys Petrojarl I FPSO for Timor-Leste Oil and Gas Projects

CNOOC Puts New South China Sea Development Into Production Mode

ADES Nets $63M Contract for Compact Driller Jack-Up off Brunei

Mubadala Energy, PLN Energy Primer Team Up for Andaman Sea Gas Supply

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com