By John Lee.
ADES International Holding, a London-listed company providing oil and gas drilling and production services, has said that it is "scaling existing operations and penetrating new markets through participation in a substantial pipeline of active tenders across the Middle East, in existing geographies as well as the UAE and onshore Iraq."
In its results for the six-month period ending 30th June 2017, it added that management expects a number of these tenders to close during the second half of 2017, with revenue contribution to commence in the first half of 2018.
Additionally, it said it has finalised exclusive marketing agreements with a number of shipyards for the rights to utilise 8 rigs in active tenders; "The agreements enable the Group to obtain new contracts and generate additional revenue without incurring the additional capital expenditure associated with a high-spec rig."
(Source: ADES International)