By John Lee.
ADES International Holding Ltd., a London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa, is to expand into Southern Iraq.
The company will acquire two idle land rigs in Iraq from Weatherford, as part of a $287.5-million deal to buy 31 rigs from the Swiss-based company.
Commenting on the transaction, Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said:
"We are truly delighted to have signed this agreement with Weatherford ... [which] significantly expands ADES' total fleet and more than doubles its operational fleet"
(Sources: ADES International Holding Ltd., Weatherford)