ADES Awarded New Contract for ADMARINE III with GPC

Award of a new of four-year contract with a leading Egyptian energy
company reinforces the strength of ADES’ model of providing tailored
solutions and superior services in a highly competitive market.

LONDON & DUBAI, UAE–(BUSINESS WIRE)–ADES International Holding Ltd. (LON: ADES), the London-listed company
providing offshore and onshore oil and gas drilling and production
services in the Middle East and Africa through its subsidiaries, is
pleased to announce that it has been awarded a new contract for its
ADMARINE III offshore jack-up rig.

The contract was awarded by General Petroleum Company (GPC), the first
national oil company in Egypt. The contract entails an initial two-year
engagement of ADMARINE III with an option to extend for a further
two-years. No significant additional CAPEX is anticipated for the
ongoing deployment of the rig.

Commenting on the contract award, Dr. Mohamed Farouk, Chief Executive
Officer of ADES International Holding, said:

“Our commitment to providing tailored solutions and superior services to
our clients has enabled ADES to maintain long-term relationships with
high-profile local and international energy companies, ensuring the
continuity of our business during challenging climates.”

“ADMARINE III’s original contract with GPC in 2012 marked ADES’ initial
investment into the offshore drilling market and represented a key shift
in the Company’s strategy to purchase rigs through distressed sales. By
building on this model, we have grown our revenues at a CAGR of 63%
between 2012 and 2016 with the addition of eight further offshore rigs
to our fleet. We are excited to renew our partnership with one of
Egypt’s leading energy providers and ADES’s original clients.”

—Ends—

NOTES TO EDITORS

Please see the full release: http://otp.investis.com/clients/uk/ades_international_holding_ltd/rns/regulatory-story.aspx?cid=2256&newsid=950421

Contacts

ADES International Holding
Hussein Badawy
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or
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or
Laura Syrett
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or
George Yeomans
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