ADES International Holding: Operational Update for the First Quarter ending 31 March 2017

DUBAI, United Arab Emirates–(BUSINESS WIRE)–ADES International Holding Ltd. (“ADES” and together with its
subsidiaries, the “Group”), the London-listed provider of offshore and
onshore oil and gas drilling and production services in the Middle East
and Africa, today announces its operational update for the three-month
period ending 31 March 2017. The financial information included below is
unaudited.

Highlights:

On 12 May 2017, ADES was admitted to trading on the main market of the
London Stock Exchange. The Company successfully raised $170 million of
primary gross proceeds at IPO. ADES is the largest oil and gas services
firm to list on the London Stock Exchange in 2017.

Operational

• Q1 2017 utilisation rate of 99.76%
• Backlog as of 31 March 2017 of $452.9 million
• Successfully renewed Admarine VI contract with GPC for one year to
  March 2018

Financial

• Revenues were approximately $48.2 million in Q1, a 67% increase YoY
  (Q1 2016: $28.8 million)
• Cash position in excess of $8.5 million as of 31 March 2017
• Net debt of $227.1 million as of 31 March 2017
• The Company confirms it is on track to deliver on its budget for the
  full year

Commenting on the Company’s performance, ADES Chief Executive Officer Dr
Mohamed Farouk said:

“Our performance during the first quarter of 2017, coupled with our
successful listing on the London Stock Exchange’s main market, reflect
our ability to capitalise on the challenging industry backdrop that has
prevailed for much of the past three years.

In the last year, ADES has grown its fleet and enhanced its
profitability by leveraging its low-cost structure and focused business
model. Our quarterly revenues have expanded by 67% YoY as we have
cost-effectively serviced a number of profitable contracts with a strong
track record of renewals.

Our newly listed status, the recovering oil price and our strong
business model which has proved resilient to the oil price cycle mean
that ADES is optimistic that 2017 will be a good year for the Company,
both operationally and financially.”

The full announcement including legal disclaimers is available at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ADES/13237833.html

—Ends—

About ADES International Holding

ADES International Holding is a leading oil and gas drilling and
production services provider in the Middle East and Africa offering
offshore drilling, workover and mobile offshore production unit (“MOPU”)
services. ADES has a total workforce of over 1,200 employees across
Egypt, Saudi Arabia and Algeria.

Contacts

ADES International Holding
Hussein Badawy
Investor Relations
Officer
T: +2 (0)2 2527 7111
[email protected]
or
Instinctif
Partners
David Simonson
Laura Syrett
George Yeomans
+44
(0) 207 457 2020