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ADES International Holding PLC

ADES International thriving in tough times

Dr Mohamed Farouk, chief executive of ADES International PLC (LON:ADES) outlines to Proactive the Egypt-based driller's strategy and plans for growth.

“We buy unwanted or legacy oil rigs, refurbish and use them to become the lowest price drilling contractor in the Middle East market while offering operational excellence and safety,” Farouk says.

At present, ADES has fourteen rigs on its books and utilisation -
which is key for drilling contractors - has always been high at about 90%.

Quick facts: ADES International Holding PLC

Price: $12.80

Market: LSE
Market Cap: $560.56 m
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Ades CEO breaks game-changing new Arabian Gulf rig news

Dr. Mohamed Farouk, CEO of Ades International Holding (LON:ADES) tells Proactive why the latest PSA for 3 operational off shore jack up rigs in the Arabian Gulf is significant for the company and how far progressed the new deal is. Ades is an oil/gas drilling and production services...

on 21/12/17

2 min read