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ADES International says operations running as normal

Snapshot

  • Middle East onshore and offshore drill rig contractor

  • Traditional skillset onshore and shallow water operations 

  • Two deepwater contracts picked up this year though Vantage JV 

Jack up rig

Quick facts: ADES International Holding PLC

Price: 9.7 USD

LSE:ADES
Market: LSE
Market Cap: $400.13 m
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Our focus remains on extracting synergies and properly integrating the recently acquired rigs, tendering activity and maintaining excellent customer service and asset utilization

Mohamed Farouk, chief executive

 

What it does

ADES International Holdings PLC (LON:ADES) currently operates a fleet of jack-up offshore drilling rigs, onshore drilling rigs, jack-up barges, and a mobile offshore production unit (MOPU), which includes a floating storage and offloading unit.

Some 60% of revenues come from offshore drilling and 40% onshore.

ADES also has a joint venture with deepwater specialist Vantage in the Med.

How it's doing

In September, ADES International Holding PLC (LON:ADES) interim results confirmed resilience to the exceptional challenges posed by the coronavirus (COVID-19) pandemic and oil price volatility.

ADES achieved revenue growth of 13.4% to US$249.3mln for the first six months of 2020. Half-year underlying earnings (EBITDA) improved by 3.6% to US$93.3mln, though a normalised version of the figure – to exclude one-offs charges – shows an 11% gain to US$99.9mln.

"The group's first-half results highlight the relative resilience of ADES's markets and the strength of our business model in very challenging market conditions,” said chief executive Mohamed Farouk.

“This in part reflects the group's successful transformation over the last three years from a local, offshore-focused driller in Egypt, to a regional champion with a significant asset base across both the on- and offshore segments.

“Over the same period ADES has significantly grown revenue and delivered a threefold increase in EBITDA, strengthening its financial position,” he added.

What the boss says - CEO Mohamed Farouk

“The group's activities have not been significantly impacted by the COVID-19 pandemic to date and operations are running within the normal course of business,” the company said in its results statement. 

“However, we continue to monitor the situation closely, with robust health and safety protocols and business continuity plans in place to mitigate potential risks posed by the pandemic.”

 

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