TIDMADES
RNS Number : 8233D
ADES International Holding PLC
24 February 2020
For the purpose of the Transparency Directive the Home Member
state of the issuer is the United Kingdom.
ADES International Holding PLC
Full Year 2019 Trading Update
London, 24 February 2020
Notice of Results and Trading Update
(London & Dubai, 24 February 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), is pleased to provide an update on its
preliminary, unaudited financial and operational highlights for
FY-2019 and confirms that it will be announcing its results on 30
March 2020.
-- Revenue grew to US$ 477.8 million, representing a c.132%
increase compared to prior year (FY-2018 US$ 205.6 million)
-- EBITDA increased year-on-year and expected to be in excess of
US$ 188 million in FY-2019 from US$ 101.1 million in FY-2018.
-- Significantly improved YTD utilization rate of 97% (FY-2018: 85 %).
-- Backlog increased to US $ 1.3 billion as of 31 December 2019
( FY-2018: US$ 1.2 billion). The Group has sustained the increase
seen during the year.
-- Net Debt stood at US$ 606 million at 31 December 2019,
representing a good improvement compared to US$ 616.9 million as at
30 September 2019. Cash and Cash Equivalents stood at US $ 119.6
million at 31 December 2019. The Group expects to continue to
deliver further improvements in its net debt position during
FY-2020.
Enquiries
ADES International
Holding
Hussein Badawy
Investor Relations
Officer ir@adesgroup.com +971 4355 0255
Instinctif
+44 (0)20 7457
Mark Garraway mark.garraway@instinctif.com 2020
Dinara Shikhametova dinara.shikhametova@instinctif.com
Sarah Hourahane sarah.hourahane@instinctif.com
About ADES International Holding (ADES)
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.4,000 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-four 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
Shareholder Information
LSE: ADES INT.HDG
Bloomberg: ADES:LN
Listed: May 2017
Shares Outstanding: 43.8 million
Forward-Looking Statements
This communication contains certain forward-looking statements.
A forward-looking statement is any statement that does not relate
to historical facts and events, and can be identified by the use of
such words and phrases as "according to estimates", "aims",
"anticipates", "assumes", "believes", "could", "estimates",
"expects", "forecasts", "intends", "is of the opinion", "may",
"plans", "potential", "predicts", "projects", "should", "to the
knowledge of", "will", "would" or, in each case their negatives or
other similar expressions, which are intended to identify a
statement as forward-looking. This applies, in particular, to
statements containing information on future financial results,
plans, or expectations regarding business and management, future
growth or profitability and general economic and regulatory
conditions and other matters affecting the Group.
Forward-looking statements reflect the current views of the
Group's management ("Management") on future events, which are based
on the assumptions of the Management and involve known and unknown
risks, uncertainties and other factors that may cause the Group's
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by these forward-looking statements. The
occurrence or non-occurrence of an assumption could cause the
Group's actual financial condition and results of operations to
differ materially from, or fail to meet expectations expressed or
implied by, such forward-looking statements.
The Group's business is subject to a number of risks and
uncertainties that could also cause a forward-looking statement,
estimate or prediction to differ materially from those expressed or
implied by the forward-looking statements contained in this
communication. The information, opinions and forward-looking
statements contained in this communication speak only as at its
date and are subject to change without notice. The Group does not
undertake any obligation to review, update, confirm or to release
publicly any revisions to any forward-looking statements to reflect
events that occur or circumstances that arise in relation to the
content of this communication.
Terms and Definitions
EBITDA - Operating profit for the year before depreciation and
amortisation, employee benefit provision and other provisions and
impairment of assets under construction.
Backlog - means the total amount payable to the Group during the
remaining term of an existing contract plus any optional client
extension provided for in such contract, assuming the contracted
rig will operate (and thus receive an operating day rate) for all
calendar days both in the remaining term and in the optional
extension period.
Recordable Injury Frequency Rate (RIFR) - The number of
fatalities, lost time injuries, cases or substitute work and other
injuries requiring medical treatment by a medical professional per
200,000 working hours.
Utilisation Rate -refers to our measure of the extent to which
our assets under contract and available in the operational area are
generating revenue under client contracts. We calculate our
utilisation rate for each rig by dividing Utilisation Days by
Potential Utilisation Days under a contract. Utilisation rates are
principally dependent on our ability to maintain the relevant
equipment in working order and our ability to obtain replacement
and other spare parts. Because our measure of utilisation does not
include rigs that are stacked or being refurbished or mobilised,
our reported utilisation rate does not reflect the overall
utilisation of our fleet, only of our operational, contracted
rigs.
Net Debt - Total gross debt minus cash and cash equivalents.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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