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ADES International Holding PLC

Nabors and Kuwait acquisitions gives ADES International a boost in its third quarter

Alex Brooks, analyst at Canaccord Genuity Limited, discusses rig operator ADES International PLC's (LON:ADES) Q3 update.

Utilisation rates rose to 83% helped also by the acquisition of three jack-up rigs from Nabors.

Revenues, meanwhile, rose 23% quarter -on- quarter to US$47mln with a 52% increase over the same period a year ago.

For the nine months of the year so far, revenues have risen by 7% to US$127mln.

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 20/12/17

2 min read

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