Oil & Gas News
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ADES plans expansion in Iraq, UAE



London-based ADES International Holding, a leading oil and gas drilling and production services provider in the Middle East and Africa, said it is stepping up operations in Iraq and the UAE.

In its results for the first half (H1) of the year, the company said that it is “scaling existing operations and penetrating new markets through participation in a substantial pipeline of active tenders across the Middle East, in existing geographies as well as the UAE and onshore Iraq”.

Its expects a number of these tenders to close during the second half of the year with revenue contribution to commence in H1 2018.

“We are currently participating in new tenders to further scale up our operations in both existing and new markets, including Egypt, Saudi Arabia, Algeria, UAE and Iraq,” the company statement added.

“Additionally, we have finalised exclusive marketing agreements with a number of shipyards for the rights to utilise eight rigs in active tenders. The agreements enable the Group to obtain new contracts and generate additional revenue without incurring the additional capital expenditure associated with a high-spec rig.” – TradeArabia News Service