ADES International Holding (DI) (ADES)

Sector:

Fossil Fuels Production & Distribution

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$ 13.60
   
  • Change Today:
    $-0.20
  • 52 Week High: $14.8
  • 52 Week Low: $12.2
  • Currency: US Dollars
  • Shares Issued: 43.79m
  • Volume: 6,950
  • Market Cap: $595.60m

ADES acquires thirty-one onshore drilling rigs

By Iain Gilbert

Date: Thursday 12 Jul 2018

LONDON (ShareCast) - (Sharecast News) - London-listed holding company ADES International has signed a definitive agreement with Weatherford International to acquire thirty-one onshore drilling rigs for roughly $287.5m.
ADES will take control of Weatherford's onshore drilling operations, including the firm's associated assets, contracts, management systems and approximately 2,300 employees and contract personnel spread across Algeria, Kuwait and Saudi Arabia.

The group believes the substantial presence and track record will enable it to expand its presence across "attractive pre-selected markets within the Middle East and Africa", in line with its strategy.

As part of the acquisition, financed through a combination of cash and secured debt instruments, ADES will receive twelve rigs in Kuwait, eleven rigs in Saudi Arabia, six rigs in Algeria and two rigs in Southern Iraq.

Twenty of the rigs are currently operational and the remaining eleven will be used in tendering activities and for strategic inventory purposes that will enable ADES to continue to grow.

Upon completion, set for some point during the second half of the year, the rigs are expected to generate annual revenues of $150m.

Dr Mohamed Farouk, chief executive of ADES International, said, "We are truly delighted to have signed this agreement with Weatherford, where its reputation as one of the world's largest oilfield service companies and its deep-rooted knowledge and experienced professionals in over 90 countries guarantees that this substantial asset and personnel addition will be a net positive for ADES."

"This landmark transaction significantly expands ADES' total fleet and more than doubles its operational fleet, in line with our strategy of executing smart acquisitions, alongside building our backlog and participation in tenders," added Farouk.

As of 1200 BST, ADES shares had shot up 14.5% to $15 each.

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ADES Market Data

Currency US Dollars
Share Price $ 13.60
Change Today $ -0.20
% Change -1.45 %
52 Week High $14.8
52 Week Low $12.2
Volume 6,950
Shares Issued 43.79m
Market Cap $595.60m

ADES Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
79.62% above the market average79.62% above the market average79.62% above the market average79.62% above the market average79.62% above the market average
40% below the sector average40% below the sector average40% below the sector average40% below the sector average40% below the sector average
Price Trend
25.17% above the market average25.17% above the market average25.17% above the market average25.17% above the market average25.17% above the market average
81.82% above the sector average81.82% above the sector average81.82% above the sector average81.82% above the sector average81.82% above the sector average
Income
5.23% above the market average5.23% above the market average5.23% above the market average5.23% above the market average5.23% above the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average
Growth
76.49% above the market average76.49% above the market average76.49% above the market average76.49% above the market average76.49% above the market average
80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 5
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

ADES Dividends

No dividends found

Trades for 19-Jul-2019

Time Volume / Share Price
16:35 12 @ $13.60
16:28 212 @ $13.60
16:11 47 @ $13.60
16:11 388 @ $13.60
14:03 6,250 @ $14.00

ADES Key Personnel

Chair Ayman Mamdouh Abbas
CEO Mohamed Farouk

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