Egyptian Drilling eyes expansion in three GCC states

The Egypt-based firm has succeeded in adding two rigs to its fleet in Saudi Arabia

  
Smoke billows from a chimney at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt November 7, 2018.

Smoke billows from a chimney at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt November 7, 2018.

REUTERS/Amr Abdallah Dalsh

Cairo – Egyptian Drilling Company (EDC) is looking to pen new contracts over the coming period with a number of Arab countries, mainly Iraq, Kuwait, and Oman.

The Egypt-based firm has succeeded in adding two rigs to its fleet in Saudi Arabia, the company’s chairman Osama El-Husseini said.

The company’s fleet in Saudi Arabia has seven offshore rigs and three onshore rigs, El-Husseini added.

EDC has been able to achieve a growth rate and expand its clients’ base of oil firms, he highlighted.

He said that the company owns 40 offshore rigs, four onshore rigs, and 21 wells’ maintenance machines, a rig in Syria and it operates an onshore platform.

Furthermore, he noted that EDC dominated around 53% of the offshore drilling business in Egypt, as well as 36% of wells development business, El-Hosseini indicated, adding that the company’s’ onshore drilling business makes up 15% of the local market.

The chairman expected the onshore drilling business to increase over the coming period due to new opportunities at the Mediterranean water and the Red Sea.

This came on the sidelines of a meeting headed by petroleum minister Tarek El-Molla to approve 2018 financial statements and business reports.

Source: Mubasher

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