ADES International Holding PLC (LON:ADES) told investors that the coronavirus (Covid-19) pandemic has not significantly impacted the group's operations to date, albeit that in line with the FCA directive the company will delay the release of its financial results.
The rig contractor said its assets are operating as usual, and, trading remains in line with management expectations.
“ADES has established a robust business continuity programme with contingency plans in place should the operations be affected, while following stringent health and safety protocols to mitigate risks posed by the pandemic,” the company said in a statement. “ADES' first priority remains the health and safety of its employees and all stakeholders.”
The group added: “The board of directors believes that ADES is economically robust to withstand the rapidly evolving situation with Covid-19 and market volatility caused by the recent oil price fall.”
ADES said it has a substantial order backlog with good visibility, a long term and liquid balance sheet, and a low-cost business model.
The company had scheduled the release of its financial results statement for 30 March 2020, but said it intends to provide a further update on timing in due course.