ADES, a formerly Egypt-based drilling firm that was last year acquired by the Saudi PIF sovereign wealth fund (MEES, 19 March 2021), continues to expand its fleet.

Bermuda-based rig operator Valaris revealed in its Q1 results last week that it had sold two jackup rigs to ADES for a total of $125mn. Valaris says the deal is “highly accretive to our shareholders,” noting that the rigs, which are currently in the Philippines, “had been stacked for more than six years and would have required meaningful capital to reactivate.” (CONTINUED - 340 WORDS)