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Ades Intl HldgPlc $1.00 DI (ADES)

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11-Jun-2020 08:58 AM

Ades momentum continues in April after reveneue climbs 22% in Q1

Oil & gas drilling and production services company Ades said momentum had continued in April after first-quarter revenue rose by nearly a fifth thanks to higher utilization rates. For the first quarter to 31 March 2020, revenue rose 22% to US$ 132.7m a
07-Apr-2020 10:09 AM

Ades profit falls as higher costs offset jump in revenue

Oil & gas drilling and production services provider Ades reported a fall in profit as a jump in costs offset revenue that more than doubled in the year. For 2019, profit fell to $41m from $77m even as revenue grew by 132% to US$ 477.8m. The uptick in r
26-Mar-2020 09:14 AM

Ades trading in line with expectations as assets continue to operate as normal

Oil & gas drilling and production services provider Ades said trading year-to-date had been in line with management expectations as the Covid-19 pandemic, had not 'significantly' impacted its operations, with assets operating as usual. The com
29-Nov-2019 09:25 AM

Ades revenue jumps on 'significantly' improved utilization rates

Oil services company Ades said its revenue jumped in the year to date thanks to 'significantly' improved utilization rates. For the nine months to 30 September, revenue rose 169% to $341.7m on-year and the utilization rate improved to 95% fro
27-Sep-2019 10:00 AM

ADES sees profit down as margins shrink

ADES, an oil & gas drilling and production services provider in the Middle East and North Africa, saw its net profit decline to $11.0m from $18.2m as net profit margins shrunk to 5% from 23%. Revenue grew to $219.9m from $79.7m as announced in the compa
16-Aug-2019 08:58 AM

Ades expects earnings to more than double amid uptick in utilisation rates

Oil & gas drilling and production services provider Ades said it expected earnings to more than double in the first half of the year amid increasing contributions from newly acquired rigs and a steady ramp up in utilisation rates. For the six months
28-May-2019 08:52 AM

Ades revenues jump in Q1 amid 'ramp up' of utilisation rates, acquisitions

Oil services group Ades said first-quarter revenues jumped sharply, driven by a steady 'ramp up' of utilisation rates and the increasing contribution from acquisitions made last year. For the three months ended 31 March, revenue increased to $1
25-Mar-2019 08:25 AM

Ades profits soar as revenue jumps 30% amid contributions from new rigs, higher utilisation rate

Oil services group Ades said annual profits jumped sharply on higher revenue owing to contributions from newly acquired rigs and a higher utilisation rate. For 2018, profit before tax rose 78% to $79.4m and revenue rose 30.4% to $205,563 Earnings (EBIT
19-Mar-2018 02:35 PM

ADES International profit rises 17% as oil market recovers

Oil services group ADES International posted a 17% rise in annual profit amid a recovery in crude prices. Net profit rose to $44.6m, as revenue increased by 18% to $157.6m. 'We expect 2018 to deliver continued organic growth from existing operation
11-Jan-2018 07:41 AM

ADES contracts in Gulf of Suez extended

ADES International Holding has successfully extended two existing contracts for Admarine II, Admarine IV and renewed its lease for Admarine VI, all of which are in the Gulf of Suez area. The group said the extension of the Admarine II and Admarine IV con
01-Dec-2017 07:50 AM

ADES maintains FY guidance

ADES International Holding has maintained its guidance on full year revenue growth, normalised net profit and net profit margin. Revenues for the nine-month period ended 30 Sep were approximately $119m, a 34% increase YoY while maintaining stable margin
16-Nov-2017 09:16 AM

ADES awarded new contract for jack-up rig

ADES International Holding has been awarded a new contract for its ADMARINE III offshore jack-up rig. The contract was awarded by General Petroleum Company, the first national oil company in Egypt. The contract entails an initial two-year engagement of
15-Nov-2017 09:22 AM

ADES forms JV with Vantage

ADES International's subsidiary ADES SAE has entered into a long-term joint venture agreement with a subsidiary of Vantage Drilling International. The new JV company will leverage Vantage's world-class offshore deepwater drilling experience an
12-Sep-2017 08:08 AM

ADES earnings up 43%

ADES International Holding's revenues rose to $88m in the six months to the end of June - 46% up on last time. Adjusted EBITDA increased by 43% to $45m and net profits of $22m were up 19%. Chief executive Dr. Mohamed Farouk said: "The first ha
08-Sep-2017 07:29 AM

ADES sees double-digit revenue growth

ADES International Holding has confirmed it continues to expect organic double-digit revenue growth while maintaining similar margins in the current financial year. ADES said it now expected certain contracts won during H1 2017 to commence in early 2018
06-Sep-2017 07:42 AM

ADES International appoint CFO

ADES International Holding, the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, has appointed Ahmed El-Khatib as chief financial officer with immedia
08-Aug-2017 08:07 AM

ADES on track after strong first half

ADES International Holding has reported strong first half trading and said it remained on track to meet management's expectations for the full year. The group said the average utilisation rate was 87% in the first half and its exemplary safety perf
03-Jul-2017 08:03 AM

ADES wins Egyptian offshore drilling contract

ADES International Holding has been awarded a contract by ENI IEOC, the Egyptian subsidiary of Italian oil major Eni, for a new drilling campaign offshore Egypt. The contract was awarded by Belayim Petroleum Co. (Petrobel), a joint venture between ENI IE
25-May-2017 09:57 AM

ADES revenues rise

ADES International Holding said revenues rose to around $48.2m in the three months to the end of March - 67% up on last time. The company confirmed it was on track to deliver on its budget for the full year. Chief executive Dr Mohamed Farouk said: &quo
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