Investment Case

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 4,000 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 2018, 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 17-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, while fleet utilsation grew from 78% in 2017 to 85% in 2018. Today, our asset mix sees 60% of revenues come from offshore drilling and 40% come from onshore drilling. 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

Pre-qualifications

Algeria, Iraq, KSA, Kuwait, Bahrain, UAE, Egypt, India, Mexico, Gulf of Guinea and Ghana

4,000

Workforce

In-house Refurbishment

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

Our Assets

ADES Group currently operates a fleet of 13 jack-up offshore drilling rigs, 34 onshore drilling rigs, a jack-up barge, and a mobile offshore production unit (“MOPU”), which includes a floating storage and offloading unit.

34

Onshore Drilling Rigs

13

Offshore Drilling Rigs

1

Mobile Offshore Production Unit (MOPU)

1

Jack-up Barge