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Tag: ADES

ADES looks to go from strength to strength after London Stock Exchange listing

Posted: September 19, 2017 at 3:09 pm   /   Oil & Gas

A fledgling oil and gas drilling services firm which listed in London this year plans to continue its strong start to life with exclusive marketing deals with shipyards. ADES International chief executive Mohamed Farouk said agreements with yards in Asia would give the company access to new build jack-up rigs without breaking the “asset-light”, low […]

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Egyptian drilling contractor ADES builds shallow-water jackup fleet

Posted: September 16, 2017 at 8:42 pm   /   Oil & Gas

(Offshore Magazine) Jeremy Beckman Drilling contractors continue to downsize in most parts of the world except the Middle East, where offshore activity has held steady. One of the more opportunistic players in the region is ADES International Holding which has taken advantage of continued overcapacity in the market to acquire and recondition legacy jackups from […]

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ADES wins contract extensions for two offshore jackup rigs in the Gulf of Suez

Posted: September 13, 2017 at 7:12 pm   /   Oil & Gas

Drilling contractor ADES International Holding has secured contract renewals for two of its jackups in the Gulf of Suez offshore Egypt. General Petroleum Co. has extended the hire of the Admarine VI to March 2018, while the Admarine V will work for a further year for Petrobel, with an optional six-month extension. In addition, ADES […]

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ADES announces appointment of new CFO

Posted: September 9, 2017 at 2:13 pm   /   Oil & Gas

ADES International Holding has named Ahmed El-Khatib as a Chief Financial Officer (CFO) with immediate effect. ADES is a London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries. The group operates a fleet of nine jack-up offshore drilling rigs, three onshore drilling […]

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ADES awarded series of Gulf of Suez drilling contracts by Eni

Posted: July 4, 2017 at 1:48 pm   /   Oil & Gas

Drilling and production services provider ADES International Holding Ltd said Monday it has made a series of contract agreements despite a period of oil price decline. The first contract is a new one awarded by Belayim Petroleum Co (Petrobel), a joint venture between Egyptian General Petroleum Corp (EGPC) and ENI IEOC, a subsidiary of Italian […]

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ADES offers 40% stake on London Stock Exchange

Posted: June 8, 2017 at 8:04 pm   /   Oil & Gas

Advanced Energy Systems (ADES) has completed offering 40% of its shares on London Stock Exchange early in May at a price of USD 16.50 per share, with total proceeds of USD 278mn. The floatation is managed by EFG-Hermes and Citi Group with Baker McKenzie acting as the legal advisor. Sources told Al Mal newspaper that […]

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ADES International Holding announces intention to float on the London Stock Exchange

Posted: April 4, 2017 at 4:16 pm   /   Oil & Gas

Global offering to raise funds to support ramp-up of operations in key oil and gas drilling and production services markets in the Middle East and Africa, capitalizing on opportune industry backdrop and company’s unique cost structure. Dubai International Financial Centre-based ADES International Holding Ltd. (“ADES” or the “Company” and including its consolidated subsidiaries from time […]

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KCA Deutag sells Ben Loyal Jack-Up Drilling Unit to ADES

Posted: December 22, 2015 at 5:16 pm   /   Oil & Gas

Leading global drilling and engineering contractor, KCA Deutag, announced that it has sold its jack-up drilling unit, the Ben Loyal to Egyptian headquartered Advanced Energy Systems A.D.E.S. SAE for an undisclosed sum. Built in 1981 and acquired by KCA Deutag in 2005, the Ben Loyal’s operational performance has been strong and until October of this […]

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