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ADES International Holding PLC

ADES International lands new business in Egypt and extends a contract in Algeria

"Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES' business model that focuses on providing tailored solutions and superior services in a highly competitive market,” said Dr Mohamed Farouk.

oil and gas operations
More positive news for Ades expanded fleet

ADES International Holding PLC (LON:ADES) told investors it has landed a new contract in Egypt and an extension to an existing contract in Algeria.

The company has secured a two-year deal with a leading Egyptian energy company for its ADMARINE IV offshore jack-up rig in Egypt – it is an initial one-year term with a one year extension option on the same terms.

In Algeria, it has extended a contract for RIG 828 – acquired recently from Weatherford – and the term moves out to June 2020.

READ: ADES sees strong first quarter as acquired rigs boost revenue

"Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES' business model that focuses on providing tailored solutions and superior services in a highly competitive market,” said Dr Mohamed Farouk, ADES chief executive.

“We are also particularly pleased with the extension for Rig 828 in Algeria which is a strong endorsement of our client's confidence and demonstrates our ability to build value from recent acquisitions.

“These new agreements further underpin our revenue visibility and are aligned with ADES' focus on delivering organic growth."

Quick facts: ADES International Holding PLC

Price: 13 USD

Market: LSE
Market Cap: $569.32 m
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