ADES Acquires Two Jack-Ups from Vantage Drilling

ADES International Holding has acquired two jack-up rigs from offshore drilling contractor Vantage Drilling International in a $190-million transaction.

The Soehanah and Topaz Driller rigs will be divested to the oil and gas drilling and production services provider, however, Vantage will continue to provide management services for the two rigs for a period of three years. Prior to the transaction, Vantage’s fleet comprised two ultra-deepwater drillships and two premium jack-up drilling rigs. 

“We are very pleased to continue to expand our Global Strategic Alliance agreement with ADES, leveraging our history of collaboration in Egypt and Qatar… The transaction will expand our management services platform, further strengthen our balance sheet and will provide Vantage with important financial flexibility,” said Ihab Toma, Vantage CEO.

The two companies previously formed a joint venture in 2017 to explore Egypt’s Mediterranean basin.