ADES International Holding PLC. - Appointment of Chief Financial Officer
(London & Dubai, 1 November 2019) 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 announce the appointment of Mr. Khaled Hassan as the new Group Chief Financial Officer, effective 1 December 2019.
Mr. Hassan brings a wealth of financial experience spanning more than 25 years, having held the role of Chief Financial Officer at Cleopatra Hospitals Group, a listed company on the Egyptian Exchange (EGX), Franke, Olympic Group, as well as at ASEC Holding (NDT), Gozour Holding, and Dina Farms - all subsidiaries of the EGX-listed Qalaa Holdings. Mr. Hassan will play a key role as the Group focuses on creating shareholder value, consolidating its recent acquisitions and increased geographical portfolio. Mr. Hassan holds a bachelor's degree in Accounting from Cairo University and is a Master Financial Controller and a Certified Financial Modeler.
Dr. Mohamed Farouk, Chief Executive Officer of ADES, commented:
"Firstly, I would like to thank Mr. Ahmed El Khatib for his continued commitment and hard work during the past transformational years. I am delighted to welcome Mr. Khaled Hassan to the Group. His extensive financial experience will be a strong asset to the Group as we continue our growth trajectory. I look forward to working with him at this time of significant opportunity for ADES."
ADESInternationalHoldingextendsoilandgasdrillingandproductionservicesthroughitssubsidiariesandisaleading 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 employeesserveclientsincludingmajornationaloilcompanies("NOCs")suchasSaudiAramco andKuwait Oil Companyas wellasjointventuresofNOCswithglobalmajorsincludingBPandEni.Whilemaintainingasuperior health, safety and environmental record, the Group currently has a fleet of 13 jack-up offshore drilling rigs, 36 onshoredrillingrigs,1jack-upbarge,and1mobileoffshoreproductionunit("MOPU"),whichincludesafloatingstorage and offloadingunit. For more information, visit investors.adihgroup.com.
Certainstatementscontainedinthisannouncement,includinganyinformationastotheGroup'sstrategy,plansorfuture financial or operating performance constitute "forward looking statements". These forward-looking statements can be identifiedbytheuseofforwardlookingterminology,includingtheterms"believes","estimates","anticipates","projects", "expects","intends","aims","plans","predicts","may","will","seeks"or"should"or,ineachcase,theirnegativeorother variationsorcomparableterminology,orbydiscussionsofstrategy,plans,objectives,goals,futureeventsorintentions. 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 Groupoperates.
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 [email protected] or visit www.rns.com.
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