ADES International Holding PLC ADES secures new contracts in Egypt and Algeria (1096D)
24 June 2019 - 4:01PM
UK Regulatory
TIDMADES
RNS Number : 1096D
ADES International Holding PLC
24 June 2019
ADES secures new contract in Egypt and extends contract in
Algeria
These latest deals reaffirm ADES' strong market positions, its
long-standing client relationships and its ability to generate
stable cash flows from a well-diversified backlog.
(London & Dubai, 24 June 2019) ADES International Holding
PLC ("ADES" or the "Company"), a leading oil & gas drilling and
production services provider in the Middle East and North Africa
(MENA) through its subsidiaries, is pleased to announce that it has
been awarded a new two-year contract for its ADMARINE IV offshore
jack-up rig in Egypt and has signed a one-year contract extension
for its onshore rig RIG 828 in Algeria.
The ADMARINE IV contract was awarded by a leading Egyptian
energy company through tendering and has a term of an initial
one-year engagement, with an option to extend for another year at
the same rates.
In Algeria, the existing contract of RIG 828 (recently acquired
from Weatherford) was extended for a one-year engagement under the
same terms and will run through June 2020.
Commenting on the contract awards, Dr. Mohamed Farouk, Chief
Executive Officer of ADES International Holding, said:
"Award of a new contract with a leading Egyptian energy company
reinforces the strength of ADES' business model that focuses on
providing tailored solutions and superior services in a highly
competitive market. We are also particularly pleased with the
extension for Rig 828 in Algeria which is a strong endorsement of
our client's confidence and demonstrates our ability to build value
from recent acquisitions. These new agreements further underpin our
revenue visibility and are aligned with ADES' focus on delivering
organic growth."
-Ends-
Enquiries
ADES International Holding
Hussein Badawy
Investor Relations Officer ir@adesgroup.com +971 4355 0255
Instinctif
David Simonson david.simonson@instinctif.com +44 (0)20 7457 2020
Dinara Shikhametova dinara.shikhametova@instinctif.com +44 (0)20 7457 2020
Sarah Hourahane sarah.hourahane@instinctif.com +44 (0)20 7457 2020
NOTES TO EDITORS
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.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
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 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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