Our business model is focused on resilient sub-segments of the drilling industry and founded on a lean cost structure, which has allowed us to achieve a track record of profitable growth throughout cyclical market conditions in the oil and gas industry. We also primarily operate in regions with low extraction costs, non-harsh environments, and a predominance of legacy fields. We leverage our lean cost structure, highly-skilled workforce of more than 3,500 personnel and customer-centric approach, characterised by our commitment to global industry standards, to create real value for our clients.
From inception, ADES has built an extensive track record of operational excellence, fostered long-standing relationships with well-regarded clients, and developed a deep understanding of market dynamics. Along with strong financial standing and an impeccable health, safety and environment track record, our experience has enabled ADES obtain status as a prequalified provider with key industry operators. As of year-end 2020, we have achieved pre-qualification in several MENA markets including Egypt, Algeria, Kuwait, UAE, Saudi Arabia and Bahrain, and markets outside the MENA region such as India, Mexico, Ghana and Gulf of New Guinea. We believe that these factors, built over a 19-year operating history, combine to create significant barriers to entry for competitors.
ADES has successfully demonstrated its ability to optimise its services, particularly between onshore and offshore services in order to meet client demands, take advantage of market opportunities, and maximise the utilisation rates of our rigs. In 2018 alone, ADES acquired of more than 30 rigs, both onshore and offshore, across the MENA region. In parallel, our fleet utilsation grew from 78% in 2017, to 85% in 2018, to 97% in 2019. Despite a temporary decline in utilisation rates to 89% in 2020 as a result of the COVID-19, the Group expects that its track record of exceptional service delivery combined with the general normalisation of business activity across the region will support a gradual recovery in utilisation rates in 2021 and beyond. Today, our asset mix sees 47% of revenues come from onshore drilling, up from 15% in 2018, 39% come from offshore drilling, with the remainder generated by the Group's MOPU, Jack-up Barge and other complementary services. Throughout its acquisitions, ADES has remained prudent in its approach to debt and liquidity, maintaining a backlog to net debt of at least 2x.
High Quality Clientele Base
ENI, BP, KOC and Saudi Aramco
Algeria, Iraq, KSA, Kuwait, Bahrain, UAE, Egypt, India, Mexico, Gulf of Guinea and Ghana
of acquired assets with own technical and engineering teams
High Average Utilization Rates
with a six-year average of more than 90%
Focus on Shallow Water
for our offshore rigs in non-harsh environments
Strong Management Team
with decades of experience under their belt
ADES Group currently operates a fleet of 13 jack-up offshore drilling rigs, 36 onshore drilling rigs, a jack-up barge, and a mobile offshore production unit (“MOPU”), which includes a floating storage and offloading unit.
Onshore Drilling Rigs
Offshore Drilling Rigs
Mobile Offshore Production Unit (MOPU)