DUBAI, United Arab Emirates--(BUSINESS WIRE)--ADES International Holding Ltd. (“ADES” and together with its subsidiaries, the “Group”), the London-listed provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, today announces its operational update for the three-month period ending 31 March 2017. The financial information included below is unaudited.
On 12 May 2017, ADES was admitted to trading on the main market of the London Stock Exchange. The Company successfully raised $170 million of primary gross proceeds at IPO. ADES is the largest oil and gas services firm to list on the London Stock Exchange in 2017.
- Q1 2017 utilisation rate of 99.76%
- Backlog as of 31 March 2017 of $452.9 million
- Successfully renewed Admarine VI contract with GPC for one year to March 2018
- Revenues were approximately $48.2 million in Q1, a 67% increase YoY (Q1 2016: $28.8 million)
- Cash position in excess of $8.5 million as of 31 March 2017
- Net debt of $227.1 million as of 31 March 2017
- The Company confirms it is on track to deliver on its budget for the full year
Commenting on the Company’s performance, ADES Chief Executive Officer Dr Mohamed Farouk said:
“Our performance during the first quarter of 2017, coupled with our successful listing on the London Stock Exchange’s main market, reflect our ability to capitalise on the challenging industry backdrop that has prevailed for much of the past three years.
In the last year, ADES has grown its fleet and enhanced its profitability by leveraging its low-cost structure and focused business model. Our quarterly revenues have expanded by 67% YoY as we have cost-effectively serviced a number of profitable contracts with a strong track record of renewals.
Our newly listed status, the recovering oil price and our strong business model which has proved resilient to the oil price cycle mean that ADES is optimistic that 2017 will be a good year for the Company, both operationally and financially.”
The full announcement including legal disclaimers is available at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ADES/13237833.html
About ADES International Holding
ADES International Holding is a leading oil and gas drilling and production services provider in the Middle East and Africa offering offshore drilling, workover and mobile offshore production unit (“MOPU”) services. ADES has a total workforce of over 1,200 employees across Egypt, Saudi Arabia and Algeria.