Egyptian Drilling Company achieves contractual rates of 100% in 2023

The company achieved operational performance rate of 99% last year, bolstering the confidence of major local and international production companies in Kuwait, Saudi Arabia, and Egypt

Staff Writer, Arab Finance

August 13, 2024

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The Egyptian Drilling Company (EDC) has achieved contractual rates of 100% for the second year in a row in 2023, Chairman Osama Kamel said during the company’s general assembly.

Moreover, the company achieved operational performance rate of 99% last year, bolstering the confidence of major local and international production companies in Kuwait, Saudi Arabia, and Egypt, Kamal highlighted.

He also noted that the company generated in 2023 the highest operating revenues since inception.

Kamal pointed out that the EDC owns and operates a fleet of 69 onshore and offshore drilling rigs, adding that it managed to add six drilling rigs to its fleet last year.

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