Latest news with #ADESHoldingCompany
Zawya
05-05-2025
- Business
- Zawya
Saudi: ADES Holding's net profits exceed $52.4mln in Q1-25
ADES Holding Company posted 2.07% year-on-year (YoY) lower net profits at SAR 196.67 million in the first quarter (Q1) of 2025, compared to SAR 200.84 million. The Saudi group generated revenues valued at SAR 1.47 billion as of 31 March 2025, an annual drop of 4.04% from SAR 1.53 billion, according to the financial results. In the first three months (3M) of 2025, the earnings per share (EPS) amounted to SAR 0.18. Quarterly, the net profits registered in Q1-25 fell by 6.31% from SAR 209.93 million in Q4-24, while the revenues decreased by 6.30% from SAR 1.56 billion. In 2024, ADES Holding's net profits hike by 80.54% to SAR 816.19 million from SAR 452.07 million in 2023. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
08-04-2025
- Business
- Zawya
ADES Holding renews $266.4mln jackup deal
ADES Holding Company has signed a contract renewal for one of its standard offshore jackup rigs with A Major National Oil Company on 7 April 2025. The unit was among the six suspended rigs that were previously operating in Saudi Arabia, according to a bourse filing. Total backlog for the renewal is estimated at SAR 1.08 billion ($290 million). The standard jackup is currently fulfilling a medium-term contract in Egypt. Mohamed Farouk, CEO of ADES Holding, said: 'This 10-year renewal, and similar ones recently secured in the Kingdom, added a significant amount of long-term backlog to the group, promoting business sustainability and increased revenue visibility.' He noted: 'The new award validates the group's optimism as regards to the outlook of our business in the Kingdom, and we look forward to continuing to deliver our best-in-class safety and operational performance that has become synonymous with the ADES name.' 'The group also plans to continue focusing on securing further renewals and backlog additions in our key markets to boost long-term revenue visibility, and to capitalize on the prevailing tightness in the global offshore jack-up market,' Farouk concluded. The Tadawul-listed group recently secured a charter agreement for its premium jackup rig, Admarine 511, to execute a contract for Petrobras in Brazil. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Trade Arabia
06-04-2025
- Business
- Trade Arabia
Saudi group ADES signs charter agreement for Brazil project
Saudi-based ADES Holding Company has announced that it has entered into a 4.5 year tenor charter agreement with Luxembourg-based Constellation Oil Services to execute a premium jackup rig, Admarine 511 contract for Petrobras in Brazil. A world-leading provider of jackup and land rigs to the oil and gas industry, ADES has over 85 drillings rigs in operation across 7 countries. This agreement marks ADES' entry into the Brazilian market, further expanding its global footprint in Latin America through innovative and differentiated business models, said the group in its filing to Saudi bourse Tadawul. With Constellation being responsible for operating the rig in Brazil, the majority of the charter revenue for ADES will be reflected on the Group's ebitda and profitability. The contract duration is for 38 months, with an optional extension of 472 days (16 months), bringing the potential total term to 4.5 years.
Zawya
24-02-2025
- Business
- Zawya
Saudi: ADES Holding records 80.5% higher profits in 2024; dividends announced
ADES Holding Company generated an 80.54% leap in net profit to SAR 816.19 million during 2024, versus SAR 452.07 million in 2023. Revenues hiked by 43.10% year-on-year (YoY) to SAR 6.19 billion in 2024 from SAR 4.33 billion, according to the financial results. Meanwhile, the earnings per share (EPS) jumped to SAR 0.73 last year from SAR 0.59 in 2023. Cash Dividends The board members announced interim cash dividends valued at SAR 242.20 million, representing 22% of the capital, for the second half (H2) of 2024. ADES Holding will disburse a dividend of SAR 0.22 per share for 1.10 billion shares. Eligibility and payment dates will be 10 and 24 March 2025, respectively. In H1-24, ADES Holding logged net profits valued at SAR 402.97 million, compared to SAR 195.71 million in H1-23. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
10-02-2025
- Business
- Zawya
Saudi ADES Holding announces drilling contract award in Nigeria
Riyadh – ADES Holding Company's jackup drilling unit Admarine 501 has been awarded a contract with Nkuku Ikon Petroleum Development Company Limited for offshore drilling operations in Nigeria. The new contract marks the final redeployment of ADES' suspended rigs in Saudi Arabia, according to a bourse statement. The value of the charter contract between ADES and the in-country partner (Valiant) is estimated at SAR 45 million ($12 million), which represents a percentage of the total contract value between Nkuku and Valiant estimated at SAR 78.4 million ($21 million). This aligns with the group's growth objectives to secure attractive opportunities for all suspended assets within one year. Under the agreement, the Saudi company will drill two wells, with an option for two additional wells with a total estimated duration of 180 days. Meanwhile, the operations are expected to commence in the second quarter (Q2) of 2025. Last December, ADES Holding received a letter of award (LOA) for an offshore jack-up drilling contract in the Gulf of Thailand. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
