ADES says no change in fleet activity, financial impact to date

Logo of ADES Holding Co.  

ADES Holding Co. (ADES) confirmed that, to date, there have been no changes or updates regarding the activity of its current fleet that might affect its financial performance.

In a statement to Tadawul, ADES said it will announce in case of any related material development.

ADES said it remains confident in its growth prospects based on its global reach, with a leading presence in the GCC and MENA regions and growing footprint in Southeast Asia.

The offshore jack-up market remains tight, with significant high level of utilization, the statement noted. This, combined with the group’s expansive fleet of jack-up rigs, provides ADES with significant optionality and competitiveness that underpins a multi-year growth cycle in the industry, it added.

ADES shares went limit-down during the past two sessions, closing at SAR 19.96 on Jan. 31, Argaam reported.

This came after Saudi Aramco announced that it had received a directive from the Ministry of Energy to maintain the maximum sustainable production capacity level at 12 million barrels per day (bpd), and not continue raising it to 13 million bpd.