ADES International Holding PLC New ADES Contracts (8469D)
02 Novembre 2020 - 8:00AM
UK Regulatory
TIDMADES
RNS Number : 8469D
ADES International Holding PLC
02 November 2020
ADES secures new contracts in Egypt and KSA
(London & Dubai, 2 November 2020) ADES International Holding
PLC ("ADES" or the "Group"), a leading oil & gas drilling and
production services provider in the Middle East and North Africa
(MENA), provides an update on two contracts in Egypt and KSA.
The Group secured a new two-year early production facility
contract in Egypt. Under the agreement, ADES will establish an
early production deck floor and top side facilities in addition to
a jack-up barge charter, leveraging on the Group's existing assets.
The new contract highlights the Group's agility in providing
innovative solutions to its clients in the current challenging
market conditions, by facilitating early production in a shorter
timeframe than it would be possible with a fully-fledged production
facility.
In KSA the Group successfully extended the contract for Rig 40
for an additional three months to the end of Q1 2021 following the
six months extension earlier this year.
Commenting on the above, Dr. Mohamed Farouk, Chief Executive
Officer of ADES International Holding, said:
"We are extremely pleased to secure an early production facility
contract with a top-tier client in Egypt. Our differentiated
business model highlights the Group's innovative capabilities and
tailored solutions to meet clients' requirements and business
needs. By utilizing the Group's existing assets to set up an early
production facility, our clients have the opportunity to optimize
capex spend by shifting to a more cost-efficient opex-based model
and focus on increasing production quicker and at a lower cost.
This innovative model further strengthens our position as a market
leader in Egypt and coupled with the extension in KSA, offers
greater backlog visibility during the current market
conditions."
-Ends-
Enquiries
ADES International Holding
Hussein Badawy
Investor Relations Officer ir@adesgroup.com +971 4355 0255
About ADES International Holding
ADES International Holding extends oil and gas drilling and
production services through its subsidiaries and is a leading
service provider in the Middle East and North Africa, offering
onshore and offshore contract drilling as well as workover and
production services. Its c.3,500 employees serve clients including
major national oil companies ("NOCs") such as Saudi Aramco and
Kuwait Oil Company as well as joint ventures of NOCs with global
majors including BP and Eni. While maintaining a superior health,
safety and environmental record, the Group currently has a fleet of
thirty-six onshore drilling rigs, thirteen jack-up offshore
drilling rigs, a jack-up barge, and a mobile offshore production
unit ("MOPU"), which includes a floating storage and offloading
unit. For more information, visit investors.adihgroup.com
Forward-looking statements
Certain statements contained in this announcement, including any
information as to the Group's strategy, plans or future financial
or operating performance constitute "forward looking statements".
These forward-looking statements can be identified by the use of
forward looking terminology, including the terms "believes",
"estimates", "anticipates", "projects", "expects", "intends",
"aims", "plans", "predicts", "may", "will", "seeks" or "should" or,
in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts. They
appear in a number of places throughout this announcement and
include statements regarding the intentions, beliefs or current
expectations of the Directors of the Company concerning, amongst
other things, the Group's results of operations, financial
condition and performance, prospects, growth and strategies and the
industry in which the Group operates.
By their nature, forward looking statements address matters that
involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward looking statements are not guarantees of future performance
and the Group's actual results of operations and financial
condition, and the development of the business sector in which the
Group operates, may differ materially from those suggested by the
forward-looking statements contained in this announcement. In
addition, even if the Group's results of operations and financial
condition, and the development of the industry in which the Group
operates, are consistent with the forward- looking statements
contained in this announcement, those results or developments may
not be indicative of results or developments in subsequent
periods.
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