ADES International Holding PLC ADES renews contracts for seven rigs in KSA (7897W)
April 28 2021 - 2:00AM
UK Regulatory
TIDMADES
RNS Number : 7897W
ADES International Holding PLC
28 April 2021
ADES secures contract renewals for seven rigs in KSA
(London & Dubai, 28 April 2021) 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), announces that it has secured contract renewals for seven
of its rigs in KSA.
The contracts cover offshore rigs AD 655, AD 656, AD 266 and AD
261, and onshore rigs ADES 40, ADES 799 and ADES 889 in the
Kingdom. Four of the rigs have a 10-year firm tenor, two rigs have
a five-year firm tenor and one rig with a three-year firm tenor.
The total backlog is estimated at c.US$ 950 million with daily
rates being broadly similar to current contracts.
Commenting on the above, Dr. Mohamed Farouk, Chief Executive
Officer of ADES International Holding, said:
"We are extremely pleased to secure such substantial amount of
backlog with one of our largest clients and an almost doubling of
our backlog figure from FY20. This is a great testament to our
management's hard work delivering operational excellence, robust
safety records, as well as great understanding of our client needs
during the turbulent year of 2020.
We remain committed to our core values and to driving long-term
sustainable growth. These substantial renewals will provide more
visibility over our cashflow and backlog and further strengthen our
position as the regional industry champion."
-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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