New rigs from old
Ades chief executive Mohamed Farouk reveals his firm’s formula for offering oil companies rigs at lower-than-market rates
Every dark cloud, they say, has a silver lining. As the global oil industry languished after the post-2014 price collapse, one Egyptian oilfield services company was lucky enough to discover that proverbial precious-metal lining. Advanced Energy Systems (Ades) was well-placed to cash in on the misery that oil firms around the world were enduring. For the company's business model is to buy up and refurbish legacy rigs before leasing them at a low cost to oil and gas operators. "The oil-price crash affected us in a positive manner," Mohamed Farouk, Ades' chief executive, told Petroleum Economist. "We found a lot of good assets to acquire, that companies couldn't afford to keep." It was a favou
Also in this section
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
