ADES to buy 3 jackups from Nabors at USD 83 million

ADES International Holding Ltd signed a purchase and sale Agreement with Nabors Drilling International to acquire 3 operating offshore jack-up rigs currently contracted by a major national oil company in the Arabian Gulf for a total purchase price of US$83 million

The three ultra-shallow drilling rigs have each been in continuous service for more than 10 years

The rigs have recently been refurbished, with five-year inspections already implemented on two rigs and the third is due in 2018.

Once completed, the Transaction will bring the number of the ADES rigs under contract in the Arabian Gulf to six, further cementing ADES' position as a major low-cost operator of offshore drilling rigs in the region.

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