Ades Extends Contracts for 3 Offshore Platforms
The Egyptian General Petroleum Company has extended the contracts for three offshore drilling rigs operated by the Saudi Addis Holding Company. The move aims to boost Egypt’s oil and gas production and reduce import reliance.
Details of the Extension:
- Platforms: Admarin 3, Admarin 5, and Admarin 6
- Extension Period:
- Admarin 3 and Admarin 6: 2 years
- Admarin 5: 1 year
Rationale for the Extension:
- Egypt seeks to develop its oil and gas sector to:
- Increase production
- Reduce dependence on imports
- Address dollar liquidity crisis and high trade balance deficit
Mark Walim Aqladios (pictured) The group’s General Counsel for Legal Affairs, Mark has been the General Counsel and Secretary of the Addis Holding Group’s Board of Directors
Significance:
The extension strengthens ties between Egypt and Saudi Arabia in the oil and gas sector.
It supports Egypt’s efforts to achieve energy security and economic growth.
It benefits Addis Holding by securing additional revenue and extending contracts with a key client.
