Egypt has decided to extend its contracts with Saudi Advanced Energy System (ADES) for three offshore platforms. The cost of this extension is reported to be $120 million, according to sources cited by Asharq Bloomberg.
ADES currently operates ten offshore drilling rigs in Egypt, which is part of its larger fleet of 49 rigs, as stated on the Saudi company's website.
In December 2023, ADES announced that it had been awarded a service contract agreement (LOA) by the Egyptian General Petroleum Corporation (EGPC) to enhance production in key oil brownfields in Egypt, specifically the SUCO and OSOCO fields.
This contract is part of a consortium with a local partner specializing in oil exploration and production. The initial duration of the contract is ten years, with the possibility of extending it for another ten years.
Saudi Arabia has expressed its active pursuit of increasing bilateral trade with Egypt, aiming to reach a target of $100 billion. Fayez Alharbi, the Second Vice Chairman of the Federation of Saudi Chambers, made this announcement in November, as reported by local media.
Furthermore, in November, Ahmed Samir, the Minister of Trade and Industry, revealed that Saudi investments in Egypt amounted to $6.3 billion across 7,444 projects.
These investments span various sectors, including industry, construction, tourism, services, agriculture, finance, communications, and information technology.