Latest news with #MohamedFarouk
Zawya
6 days ago
- Business
- Zawya
Saudi: ADES Holding expands West African footprint via $34.4mln contract award
Riyadh – ADES Holding Company has been awarded a SAR 128.90 million contract for the use of Admarine 510 in Cameroon, marking the Saudi group's entry into its 13th country of operations. The one-year deal also aligns with the company's expansion across the high-potential West African market, according to a press release. The contract has been awarded by Addax Petroleum, a subsidiary of Sinopec Group. It is expected to commence in the fourth quarter (Q4) of 2025. The contract covers a firm twelve-month drilling campaign, with two optional extensions of six months each, for a total potential duration of up to 24 months. Mohamed Farouk, CEO of ADES Holding, said: 'This award reflects the growing trust in ADES as a leading provider of offshore drilling services in the region, and we are particularly pleased to be working directly with Addax Petroleum, a reputable operator affiliated with a major national oil company.' 'The award of this long-term contract reinforces our ability to respond quickly to new opportunities and sustain fleet deployment across our core markets,' Farouk added. He noted: 'By building on our recent successes in Nigeria and now expanding into Cameroon, we are building the right critical mass for optimized operations as we reinforce our long-term commitment to West Africa aiming to deliver high-quality, efficient, and safe drilling services to our clients.' Last April, ADES Holding extended three of its offshore jackup rigs operating in Egypt, with a total estimated backlog value of SAR 673.50 million ($179.60 million).
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. (
CairoScene
05-04-2025
- Business
- CairoScene
Saudi Drilling Firm ADES Expands Into Brazil With USD 85.1m Charter
The USD 85.1 million charter agreement marks a significant expansion in ADES' Latin American operations. Saudi exploration service provider ADES Holding Co. has expanded into the Brazilian market through a USD 85.1 million charter agreement with Luxembourg's Constellation Oil Services Holding. This deal will deploy ADES' jackup rig, Admarine 511, for a drilling contract with Petrobras, Brazil's state-owned energy giant. The agreement underscores ADES' strategy to enter new markets via alternative contracting models. The charter is set to last 38 months, although it includes an optional 472-day extension that could take the total contract term to 4.5 years. The rig is currently being prepared at the Arab Shipbuilding and Repair Yard in Bahrain and is expected to begin operations in Brazil in the final quarter of 2025. CEO Mohamed Farouk highlighted the strategic importance of the deal in boosting ADES' global footprint and strengthening its financial position with long-term cash flow visibility. The charter is estimated to add USD 85.1 million to ADES' backlog, with the majority of revenue directly contributing to ADES' profitability. Farouk also asserted that strategic importance the Charter model, allowing for a seamless entry into the Brazilian market while maximising profit. ADES also reported a strong financial performance in 2024, recording an 80.54% increase in net profit from SAR 452.07 million in 2023 to SAR 816.19 million. Whilst revenues surged by 43.1% to SAR 6.19 billion from SAR 4.33 billion, and earnings per share grew from SAR 0.59 to SAR 0.73.
Arab News
03-04-2025
- Business
- Arab News
Saudi drilling firm ADES enters Brazil with $85.1m charter agreement
RIYADH: Saudi exploration service provider ADES Holding Co. has entered the Brazilian market through an $85.1 million charter agreement. The deal, which was made with Luxemborg's Constellation Oil Services Holding, will use ADES' jackup rig, Admarine 511, to support a drilling contract with Petrobras, Brazil's state-owned energy giant. The agreement marks a significant expansion of ADES' Latin American operations and underscores the company's strategy of entering new markets through alternative contracting models. The charter, which has a duration of about 38 months, includes an optional 472-day extension that could bring the total contract term to 4.5 years. The Admarine 511 rig is currently undergoing preparations at the Arab Shipbuilding and Repair Yard in Bahrain ahead of deployment, with drilling operations in Brazil expected to commence in the fourth quarter of 2025. CEO of ADES, Mohamed Farouk, commented on the new agreement, saying: 'We are excited to enter the Brazilian market through this strategic Charter with Constellation to support Petrobras, Brazil's national oil company.' Farouk added: 'This agreement not only expands our global footprint but also enhances our business sustainability with a long-term contract that strengthens our backlog and provides extended cash flow visibility.' The company estimates the additional backlog from the charter to be SR319 million ($85.1 million), including mobilization and demobilization fees. ADES noted that while Constellation will operate the rig locally, the charter structure ensures that a majority of the revenue generated will contribute directly to ADES' profitability. Listed on the Saudi stock market, ADES saw a 1.23 percent drop in its share price to SR16.12 as of 12:30 p.m. Saudi time. The deal comes on the back of strong financial performance by ADES Holding in 2024, reflecting the group's continued growth trajectory. The firm recorded an 80.54 percent increase in net profit, reaching SR816.19 million, up from SR452.07 million in 2023. Revenues also surged by 43.10 percent year-on-year to SR6.19 billion, compared to SR4.33 billion the previous year. Earnings per share rose to SR0.73 in 2024, up from SR0.59 in 2023, underscoring improved profitability and operational efficiency. Farouk further stated that the firm selected the charter model to navigate Brazil's operational landscape more effectively. 'Recognizing the unique challenges of each market, ADES strategically opted for a Charter model that facilitates a seamless entry into Brazil while maximizing profitability and delivering higher returns for our shareholders,' Farouk added.
Zawya
12-02-2025
- Business
- Zawya
Mobica plans $50mln investment in Saudi agriculture
Egypt - Mobica is planning to invest $50 million to cultivate 5,000 feddans in Saudi Arabia through its $100 million Morpho Fund, CEO Mohamed Farouk told Asharq Business. The group is also exploring opportunities for agricultural investments in Oman. In Egypt, Mobica is set to launch new agricultural projects worth EGP 500 million, including the establishment of an agricultural manufacturing plant in 6th of October City for export purposes, with operations expected to begin within two years. Farouk noted that the group is also expanding in Egypt's education sector, having established six universities and a technological education institute. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
