Sign In
×Business
Providing oil and gas drilling and production services in the Middle East and North Africa.
Overview
ADES Egypt was initially established in 2002 as a joint-stock company. In 2012, the company acquired the first offshore rig to operate in Gulf of Suez in Egypt, and in 2015, it became the market leader in Egypt’s offshore market (Gulf of Suez) and expanded out of Egypt by entering the Algerian onshore market. In 2016, the company entered the Saudi market via acquiring three contracted offshore rigs from Hercules. In the same year, ADES International was established in Dubai International Financial Centre (DIFC), to be the holding company of the group, and in 2017, it was listed on the London Stock Exchange. In 2018, the company acquired 31 onshore rigs from WDI and three offshore rigs from Nabors, to access the Kuwait and Saudi onshore markets. In 2019, the company tapped into the bonds market. In 2021, it acquired four additional offshore rigs in Saudi Arabia, entered the Tunisian market after it was awarded an onshore rig hiring contract, and its headquarters was moved to Al Khoba in Saudi Arabia. In 2022, the company entered the Qatari market through acquiring three offshore rigs. In the same year, the company was awarded 16 new offshore contracts by Saudi Aramco in Saudi Arabia, in addition to acquiring seven contracted offshore rigs in Saudi Arabia, which made it the largest offshore operator globally.
As a provider of drilling and oil and gas production services in MENA, the group's revenues are generated mainly from tender drilling contracts. The group’s evolving portfolio of services primarily includes onshore and offshore contract drilling and workover services, which include maintenance, repair, and enhancement of oil well production. The company operates its largest fleets in Saudi Arabia and Kuwait and carries out its business through its branches and subsidiaries established in various countries, including KSA, Kuwait, UAE, Egypt, Cayman Islands, Bermuda, Cyprus, and Libya. The company’s core activity is represented in managing its subsidiaries, investing their funds, owning the properties and movables necessary to carry out its activities, in addition to providing loans, guarantees and financing to those subsidiaries, as well as owning industrial property rights of subsidiaries and leasing industrial property rights to its subsidiaries and third parties.
Basic Information
City: | Khobar |
Country | Saudi Arabia |
Ownership Type: | Joint Stock |
Establishment Date: | 2022 |
Commercial Register: | 2051245446 |
Website: | www.adesgroup.com |
Hussein.Badawy@adesgroup.com | |
Phone | +966 13 849 9904 |
Fax | +966 13 331 3331 |
Address | 7429 Prince Turki Street - Corniche District - Al Khobar 2203 |
PO Box | - |
Financials Highlights (M )
Company Size
Trading Data
Stock Market : | TASI |
Fiscal Year End : | December |
Free Float (M) : | 338.72 |
Free Float % : | 30.00 |
Weight in Index % : | 0.27 |
3M Average Volume : | 7,416,603 |
3M Average Transactions : | 11,301 |
Change(12M) % : | - |
Major Shareholders
Name | Number of Shares (M) | Holding |
---|---|---|
Ades Investments Holdings Limited | 412.11 | 36.50 % |
Public Investment Fund | 268.72 | 23.80 % |
Al Zamil Group for Investment Ltd. Co. | 75.65 | 6.70 % |
Subsidiaries & Associates
Company | Country | Percentage |
---|---|---|
Ades International Holding Limited | UAE | 100.00 % |