ADES International Holding ADES Trading Update (1715Q)
September 08 2017 - 2:00AM
UK Regulatory
TIDMADES
RNS Number : 1715Q
ADES International Holding
08 September 2017
ADES International Holding Ltd
Trading Update
(London & Dubai, 8 September 2017) ADES International
Holding ("ADES" or "the Group"), the London-listed company
providing offshore and onshore oil and gas drilling and production
services in the Middle East and Africa through its subsidiaries,
provides the following trading update ahead of its Interim results
to be published on 12 September 2017.
The Group intends to announce its Interim results next week. In
the preparation process, the Group has been in conversation with
its key customers as part of finalising its view on the next twelve
months of trading. As a result, the Group confirms that it
continues to expect organic double-digit revenue growth while
maintaining similar margins in the current financial year. ADES now
expects certain contracts won during H1 2017 to commence in early
2018. As a result, H2 2017 performance is currently expected to be
broadly in line with H1 2017 performance.
Meanwhile, the Group is making good progress on its growth
agenda and further details will be provided in next week's Interim
results announcement.
-Ends-
Enquiries
ADES International Holding
Hussein Badawy
+2 (0)2527
Investor Relations Officer ir@adesgroup.com 7111
Instinctif
+44 (0)20
David Simonson david.simonson@instinctif.com 7457 2020
+44 (0)20
Laura Syrett laura.syrett@instinctif.com 7457 2020
+44 (0)20
George Yeomans george.yeomans@instinctif.com 7457 2020
NOTES TO EDITORS
About ADES International Holding
ADES International Holding extends oil and gas drilling and
production services through its subsidiaries and is a leading
service provider in the Middle East and Africa, offering onshore
contract drilling as well as workover and production services in
Egypt, Algeria and Saudi Arabia. The company is pre-qualified in
markets including Egypt, Saudi Arabia, Algeria, India, Mexico and
the Saudi-Kuwaiti Neutral Zone. Its over 1,200 employees serve
clients including major national oil companies ("NOCs") such as
Saudi Aramco and Sonatrach as well as joint ventures of NOCs with
global majors including BP and Eni. While maintaining a superior
health, safety and environmental record, the Group currently has a
fleet of nine jack-up offshore drilling rigs, three onshore
drilling rigs, a jack-up barge, and a mobile offshore production
unit ("MOPU"), which includes a floating storage and offloading
unit.
The Group is the largest offshore drilling operator in Egypt by
number of rigs. www.adesgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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