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ADES International Holding PLC

Nabors and Kuwait acquisitions gives ADES International a boost in its third quarter

Alex Brooks, analyst at Canaccord Genuity Limited, discusses rig operator ADES International PLC's (LON:ADES) Q3 update.

Utilisation rates rose to 83% helped also by the acquisition of three jack-up rigs from Nabors.

Revenues, meanwhile, rose 23% quarter -on- quarter to US$47mln with a 52% increase over the same period a year ago.

For the nine months of the year so far, revenues have risen by 7% to US$127mln.

Quick facts: ADES International Holding PLC

Price: $12.80

Market: LSE
Market Cap: $560.56 m
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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

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