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ADES concludes deal with Nabors for three jackup rigs

Posted: June 17, 2018 at 3:13 pm   /   Oil & Gas

ADES International has completed its acquisition of three jackup rigs operating offshore the Middle East from Nabors Industries. Total purchase price was $83 million. The rigs have been renamed Admarine 655, Admarine 656, and Admarine 657. The Admarine 655 is undergoing an ABS recertification process in a shipyard, while the other two jackups are ready […]

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ADES secures new $140m credit facility to pay for three Nabors rigs

Posted: May 25, 2018 at 2:25 pm   /   Oil & Gas

ADES International, a London-listed provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, has secured a new loan from a Saudi bank to finance the acquisition of three jack-ups from Nabors and other potential deals. ADES said on Thursday that a SAR 525 million ($140 million) […]

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ADES gets $450 million syndicated loan for further acquisitions

Posted: March 25, 2018 at 7:27 pm   /   Oil & Gas

Egypt’s offshore driller ADES has signed a US$450 million syndicated credit facility to support its recently announced plans to pursue further acquisitions. In addition to funding potential acquisitions, the loan will also be used to refinance the company’s existing debt and to finance anticipated future working capital. The loan comprises three separate tranches, all of […]

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ADES posts increase in profits, targets acquisitions

Posted: March 21, 2018 at 8:37 pm   /   Oil & Gas

Egypt’s offshore and onshore driller ADES has posted an increase in full-year profit and is targeting acquisition opportunities. The company on Monday said its revenue grew 17.5% year-on-year, from $134.1 million in 2016 to $157.6 million in 2017. Net profit rose 17.3% year-on-year to $44.6 million in FY2017 from $38 million in 2016. ADES in […]

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Rowan sells stacked Gorilla IV jack-up rig to ADES in Egypt

Posted: March 11, 2018 at 8:10 pm   /   Oil & Gas

Offshore driller Rowan Companies has reportedly sold one if its jack-up drilling rigs to Advanced Energy Systems (ADES) in Egypt. According to information provided by VesselsValue, a website providing intel on offshore and shipping world, Rowan sold its previously cold stacked jack-up drilling rig Rowan Gorilla IV for an undisclosed price on Tuesday, March 6. […]

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ADES wins 3 jackup contract extensions in the Gulf of Suez

Posted: January 13, 2018 at 7:07 pm   /   Oil & Gas

ADES scores jack-up hat-trick in Gulf of Suez offshore Egypt. London-listed drilling contractor ADES has secured extensions for two existing contracts for jack-ups Admarine II and Admarine IV and renewed its lease for Admarine VI jack-up, all of which are in the Gulf of Suez area. The extension of the Admarine II and Admarine IV contracts […]

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ADES in talks to acquire up to five jack-up rigs from Nabors

Posted: December 21, 2017 at 2:16 pm   /   Oil & Gas

ADES International Holding has agreed to acquire three jackups from Nabors Drilling International II that are currently operating offshore the Arabian Peninsula for a major national oil company. The transaction is valued at $83 million, payable in a combination of cash and ADES shares. Terms also allow for the existing drilling contracts associated with the […]

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ADES secures two-year jackup rig drilling contract from GPC in Egypt

Posted: November 17, 2017 at 6:33 pm   /   Oil & Gas

Egypt’s General Petroleum Co. (GPC) has contracted ADES International Holding’s jackup ADMARINE III for a two-year program. The contract carries an option for a further two-year extension. ADES does not foresee the need for significant additional investments in the rig prior to the deployment. CEO Dr. Mohamed Farouk said: “ADMARINE III’s original contract with GPC […]

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ADES, Vantage Drilling JV to offer deepwater drilling services in Egypt

Posted: November 15, 2017 at 7:21 pm   /   Oil & Gas

Offshore driller Vantage Drilling has entered into a joint venture with ADES to provide deepwater drilling services in Egypt. In a statement on Wednesday, ADES said the alliance will benefit from Vantage’s deepwater drilling experience and ADES’ “leadership position” within the Egyptian offshore drilling market. The joint venture will operate Vantage’s deepwater drilling units in […]

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ADES lays out blueprint for growth through oil downturn

Posted: September 23, 2017 at 11:09 pm   /   Oil & Gas

“Our business model relies largely on legacy offshore assets that we purchase and refurbish.” Mohamed Farouk, oil driller ADES International’s chief executive, makes his business sound very straightforward. “Our business model relies largely on legacy offshore assets that we purchase and refurbish.” Revenue growth of more than 35% in each of the past three years […]

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