ADES International Holding has reported a 67% increase in first quarter revenue in its debut set of results since listing on the London Stock Exchange (LSE).
The Dubai-based drilling rig company said revenue grew to $48.2m in the first three months of 2017 from the $28.8m seen a year earlier.
The company also reported a fleet utilisation rate of 99.8% for the quarter and said its backlog at the end of the quarter was $452.9m.
“Our performance during the first quarter of 2017, coupled with our successful listing on the London Stock Exchange’s main market, reflect our ability to capitalise on the challenging industry backdrop that has prevailed for much of the past three years,” said ADES chief executive Dr Mohamed Farouk.
“In the last year, ADES has grown its fleet and enhanced its profitability by leveraging its low-cost structure and focused business model.
“Our newly listed status, the recovering oil price and our strong business model which has proved resilient to the oil price cycle mean that ADES is optimistic that 2017 will be a good year for the company, both operationally and financially.”
ADES, which specializes in older rigs in the Middle East and Africa, listed on the LSE on 14 May 2017 raising $170m from the sale of 10.3m shares at 16.5 US cents each.
The net proceeds from the IPO are being used primarily to fund capital expenditures related to the scale-up of the group’s operations in Egypt, Saudi Arabia and Algeria.
AED 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.
It claims to be the number one offshore driller in Egypt by number of rigs and the third-largest offshore jack-up driller in the Middle East and North Africa.
