TIDMADES
RNS Number : 6257W
ADES International Holding
16 November 2017
ADES awarded new contract for ADMARINE III with GPC
Award of a new of four-year contract with a leading Egyptian
energy company reinforces the strength of ADES' model of providing
tailored solutions and superior services in a highly competitive
market.
(London & Dubai, 16 November 2017) ADES International
Holding Ltd. (LON: ADES), the London-listed company providing
offshore and onshore oil and gas drilling and production services
in the Middle East and Africa through its subsidiaries, is pleased
to announce that it has been awarded a new contract for its
ADMARINE III offshore jack-up rig.
The contract was awarded by General Petroleum Company (GPC), the
first national oil company in Egypt. The contract entails an
initial two-year engagement of ADMARINE III with an option to
extend for a further two-years. No significant additional CAPEX is
anticipated for the ongoing deployment of the rig.
Commenting on the contract award, Dr. Mohamed Farouk, Chief
Executive Officer of ADES International Holding, said:
"Our commitment to providing tailored solutions and superior
services to our clients has enabled ADES to maintain long-term
relationships with high-profile local and international energy
companies, ensuring the continuity of our business during
challenging climates."
"ADMARINE III's original contract with GPC in 2012 marked ADES'
initial investment into the offshore drilling market and
represented a key shift in the Company's strategy to purchase rigs
through distressed sales. By building on this model, we have grown
our revenues at a CAGR of 63% between 2012 and 2016 with the
addition of eight further offshore rigs to our fleet. We are
excited to renew our partnership with one of Egypt's leading energy
providers and ADES's original clients."
-Ends-
Enquiries
ADES International
Holding
Hussein Badawy
Investor Relations ir@adesgroup.com
Officer
T: +2 (0)2 2527
7111
Instinctif
+44 (0)20
David Simonson david.simonson@instinctif.com 7457 2020
+44 (0)20
Laura Syrett laura.syrett@instinctif.com 7457 2020
+44 (0)20
George Yeomans george.yeomans@instinctif.com 7457 2020
NOTES TO EDITORS
About General Petroleum Company (GPC)
Egyptian General Petroleum Corporation, through its
subsidiaries, provides oil and gas exploration, refining, and
production services. The company, formerly known as General
Petroleum Authority was founded in 1956 and is based in Cairo,
Egypt. GPC operates across 28 oil and gas concessions with combined
area of more than 18 thousand square kilometres across major
hydrocarbon basis in the Eastern Desert, Gulf of Suez, Western
Desert and Sinai.
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 Africa, offering onshore
contract drilling as well as workover and production services in
Egypt, Algeria and Saudi Arabia. The company is pre-qualified in
markets including Egypt, Saudi Arabia, Algeria, India, Mexico and
the Saudi-Kuwaiti Neutral Zone. Its over 1,200 employees serve
clients including major national oil companies ("NOCs") such as
Saudi Aramco and Sonatrach 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 nine jack-up offshore drilling rigs, three onshore
drilling rigs, a jack-up barge, and a mobile offshore production
unit ("MOPU"), which includes a floating storage and offloading
unit.
The Group is the largest offshore drilling operator in Egypt by
number of rigs. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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