"We are pleased to see ADES' banking relationships and access expanded with the NCB agreement, one of the leading Saudi-based banks,” said Dr Mohamed Farouk, chief executive.
“It is testimony to the continued confidence placed in ADES by major regional and international banks in the Middle East.
“The relatively low interest rate facility will enhance our financing options and helps reduce the cost of funding for our business activities and the execution of our growth strategy going forward."
The loan facility has a 7 year life and comes with a 12 month grace period. It carries a fixed interest rate of 2.25%, plus an additional variable rate (tied to Saudi’s lending rate).
It is secured against two recently built drill rigs – ADES 13 and ADES 14 – and the company intends to use the facility to support the group’s business strategy.