LONDON (Alliance News) - Oil and gas services provider ADES International Holding Ltd said Monday it has exercised the one-year extension option for its existing contract for Admarine II, operating in the Gulf of Suez.
The extension comes into effect when the current contract expires this month.
"Egypt remains an important market for ADES, and we are delighted to have once again proven the quality of our services as we continue working with this longstanding client," said Chief Executive Officer Mohamed Farouk.
Shares in ADES were up 1.5% on Monday at USD13.45 each.