ADES International secures contracts in KSA and Egypt

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ADES International Holding PLC (LON:ADES) told investors Monday that it has secured two contracts, one in the Kingdom of Saudi Arabia (KSA) and one in Egypt.

In the KSA, the company has successfully extended a rig contract for three additional months to now run until the end of the first quarter of 2021. Earlier this year the same contract was extended by six months.

READ: ADES confirms revenue growth and resilient H1

In Egypt, it has a new two-year early production facility contract. It will establish an early production deck floor and topside facilities for the client, along with a jack-up barge charter.

ADES said this contract highlights the company’s agility in providing innovative solutions to its clients in the current challenging market conditions – with this approach enabling a quicker route to production than a fully-fledged production facility.

“We are extremely pleased to secure an early production facility contract with a top-tier client in Egypt,” said ADES chief executive Dr Mohamed Farouk in a statement.

“Our differentiated business model highlights the Group’s innovative capabilities and tailored solutions to meet clients’ requirements and business needs. By utilizing the Group’s existing assets to set up an early production facility, our clients have the opportunity to optimize capex spend by shifting to a more cost-efficient opex-based model and focus on increasing production quicker and at a lower cost.

“This innovative model further strengthens our position as a market leader in Egypt and coupled with the extension in KSA, offers greater backlog visibility during the current market conditions,” he added.

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