(MENAFN – Instinctif Partners ) Highly Commended Oilfield Services Company award recognises ADES’ strengthened business model and geographic expansion
(London & Dubai, 19 September 2019) ADES International Holding PLC (“ADES” or the “Company”), a leading oil & gas drilling and production services provider, has been recognised as ‘Highly Commended’ Oilfield Services Company of the Year at the Middle East Energy Awards, presented in Dubai on 18 September 2019. The award recognizes the most successful and innovative oilfield services companies in the Middle East in the last 18 months. Winners were selected based on their success in completing projects according to specifications, time and within budget.
ADES has transformed its business from a key player in the Egyptian shallow water offshore drilling market, to build a strong MENA foothold in the onshore and offshore drilling space. In the past 18 months, ADES significantly expanded its business through strategic acquisitions from Nabors and Weatherford and consistent geographic expansion, which transformed the company and made it a recognised player among MENA oil and gas services providers. During the period, the company added 34 rigs to its fleet and now owns a total of 51 rigs across 4 countries.
This non-speculative approach to acquisitions coupled with ADES’s lean cost structure, cultural alignment and global best practices provide a solid platform for organic growth and position the Company as a regional champion. ADES’ well diversified asset base across attractive markets in the MENA region and cash-generative operations, with a backlog of USD 1.5 billion, provide a solid platform for sustainable value in operations and further organic growth.
Commenting on the award, Dr. Mohamed Farouk, Chief Executive Officer of ADES, said:
“We are honoured to be recognised as Highly Commended Oilfield Services Provider in the MENA region. This award comes at an exciting time after a transformational period for the company and at the beginning of our Integration Programme, which underpins future organic growth. I am grateful to our team for their continuous delivery of exceptional results and it is fantastic to have hard work, talent and technical experience formally recognised.
We have significantly strengthened our business through strategic acquisitions and geographic expansion, which has made ADES a recognised player in the MENA landscape of oil and gas services providers. The award is a testament to our commitment and dedication to provide tailored solutions and superior services to our clients. Our focus on creating sustainable value and upholding the highest health and safety standards has been the foundation of this growth.”
The Middle East Energy Awards, now in their 10th year, recognize excellence in oil and gas and across the energy industry. The Awards celebrate energy projects, initiatives, individuals and companies that have changed the way energy is used in the Middle East.