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ADES International Holding secures two onshore drilling contracts in the Kingdom of Saudi Arabia

The provider of oil & gas drilling and production services in the Middle East and North Africa said each of the secured contracts has a tenure of seven years - five years fixed and two years optional

Drill rig
ADES added that it will order two new-build onshore rigs that meet the contract specifications for a total cost of up to US$ 45mln

ADES International Holding PLC (LON:ADES) has secured two onshore drilling contracts in the Kingdom of Saudi Arabia, following a competitive tender process, that will add a total estimated order backlog of around US$150mln.

The leading oil & gas drilling and production services provider in the Middle East and North Africa said each of the secured contracts has a tenure of seven years - five years fixed and two years optional -  with operations due to commence in the second half of 2019.

READ: ADES International launches integration project for recent acquisitions

The group added that it will order two new-build onshore rigs that meet the contract specifications for a total cost of up to US$ 45mln.

The company said it sees long-term potential for these assets in the Saudi market.

Dr. Mohamed Farouk, ADES International’s chief executive officer, commented: "ADES' reputation for operational excellence and its exemplary safety record allow it to bid for and win competitive tenders across the region.

“We have leveraged this strength to build a substantial presence in Saudi Arabia's onshore and offshore markets with long term, secure contracts.”

He added: “Organic growth is in line with our strategy post the recent acquisitions and we expect to generate a strong return on this investment whilst delivering excellent customer service and value for money for our client."

Quick facts: ADES International Holding PLC

Price: 12.8 USD

LSE:ADES
Market: LSE
Market Cap: $560.56 m
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