ADES International Holding, the Dubai-based oil and gas drilling and productions service, has leaked its intention to float on the Main Market of the London Stock Exchange with the aim of raising up to £133m.

While that isn’t unheard of, there are a large number of facts about the IPO that have yet to be extracted. For starters, there is uncertainty over the proportion of shares to be issued. And if you wanted to find the price for the offering, you’d better hang tight as this too has yet to be drilled out. Despite information about the raise needing to be refined, the platform has been set for a slick raise to go ahead in May, particularly given the current market conditions.

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‘Prevailing oil prices have resulted in a large number of quality rigs sitting idle and available for hire or acquisition at what we believe are very attractive prices,’ said Mohamed Farouk, CEO of ADES, adding that ‘the current industry backdrop as extremely opportune for us to leverage our established platform and business model to sustain our steep growth trajectory and create significant value for all of our stakeholders’.

Net proceeds from the offer are expected to be used to fund growth of ADES’ operations in Egypt, Saudi Arabia and Algeria, in addition to expanding operations across the GCC.

‘Tapping the equity market now will help us accelerate our expansion plans,’ adds Farouk.

And the team at ADES has every right to be optimistic. Despite falling oil prices, ADES, which is the largest offshore drilling operator by number of rigs in Egypt, saw earnings before interest tax, depreciation and amortisation increase 46% on a compound annual growth rate between 2014 and 2016. Should prices continue the slow rise they’ve seen over the last six months, ADES investors could see the value of the company go up.

The ADES Group was first established in 1997 as an offshore drilling company in Egypt. In the 20 years since launch, ADES has grown into a Middle Eastern conglomerate providing upstream services both onshore and off. The subsidiaries owned by the group include ADES, AMAK DPS and ECDC. Together, their rigs have been involved in operations in more than 2,000 wells. To run all of these wells, ADES employs more than 1,200 people. ADES works with some of the largest oil companies in the world including Saudi Aramco, which is also considering an IPO, and oil majors Eni and BP.

The group’s mission statement lays out its vision to deliver well-engineered, managed and integrated operations and services to its entire customer base. EFG Hermes is acting as global coordinator of the share offering, with Citigroup acting as joint bookrunner.