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A consortium including Saudi Addis Holding Company has won a “services agreement” to operate and raise the productivity of two aging oil fields in Egypt, Addis announced on Wednesday.
The duration of the agreement concluded by the alliance with the Egyptian General Petroleum Corporation is 10 years, renewable for a similar period, according to a company statement published by the Saudi Stock Exchange “Tadawul.”
The alliance, which includes Addis and a “leading local partner in the field of oil exploration and production,” which the statement did not name, seeks to achieve an increase in the production rates of the “Soko” and “Osoko” oil fields in Egypt to exceed current production rates.
Addis’s headquarters is located in the city of Al-Khobar, eastern Saudi Arabia.
The company has a large fleet of 87 drilling rigs spread across 7 countries within the Middle East, North Africa and India, including 38 onshore drilling rigs and 46 self-elevating offshore drilling rigs. The Saudi oil giant Aramco is one of its clients.
Addis shares were listed on the Tadawul market on October 11 this year. The shareholder ownership percentage in the company changed after it offered its shares for public subscription.
Currently, the Public Investment Fund (Saudi sovereign fund)’s share in the company is 23.78%, and Zamil Investment Group Limited holds 6.7%, while Addis Investments Holding Limited has a stake in the company of 36.51%, according to Tadawul.