logo-loader
ADES International Holding PLC

ADES International thriving in tough times

Dr Mohamed Farouk, chief executive of ADES International PLC (LON:ADES) outlines to Proactive the Egypt-based driller's strategy and plans for growth.

“We buy unwanted or legacy oil rigs, refurbish and use them to become the lowest price drilling contractor in the Middle East market while offering operational excellence and safety,” Farouk says.

At present, ADES has fourteen rigs on its books and utilisation -
which is key for drilling contractors - has always been high at about 90%.

Quick facts: ADES International Holding PLC

Price: $12.80

Market: LSE
Market Cap: $560.56 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of ADES International Holding PLC named herein, including the promotion by the Company of ADES International Holding PLC in any Content on the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

UK Investor Update - March 25 2019

Oil rig supplier ADES International Holding Ltd (LON:ADES) posted revenues 30% higher in 2018 as new rigs contributed for the first time and utilisation rates rose. Underlying profits rose by 26% to US$101mln. Tekcapital PLC (LON:TEK)  portfolio company Lucyd will start to sell three...

on 25/3/19

2 min read