(Alliance News) - ADES International Holding PLC said on Monday it secured two deep drilling contracts in Kuwait with oil field service company Baker Hughes Co.
London-listed ADES International Holding PLC is an oil and gas drilling and production services provider that focuses on projects in the Middle East and Africa. Baker Hughes, which is partly owned by General Electric Co, is listed on the New York Stock Exchange.
The contracts which are expected to commence after March next year, are under a primary term of two years and an option to extend for another six months.
Mohamed Farouk, chief executive officer of ADES International, said: "We are extremely pleased to secure our first onshore deep drilling lump sum turnkey contract with Baker Hughes. This represents a major step towards our strategic objectives and underpins ADES's ability to deliver drilling services under a lump sum turnkey contracting model."
Shares in ADES International Holding were down 1.7% at 11.60 pence on Monday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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