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Oil Capital

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.

 

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