13 Feb 2018 07:00
Notice of Extraordinary General Meeting
(London and Dubai, 13 February 2018) 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, has today posted a circular to shareholders convening an Extraordinary General Meeting ("EGM") to be held at 10:00 a.m (UK time) on Sunday, 18 March 2018 at the Jumeirah Carlton Tower Hotel, Cadogan Place, Knightsbridge, London SW1X 9PY, United Kingdom.
The purpose of this EGM is to consider and pass resolutions on the issuance and allotment of shares relating to the purchase and sale agreement entered into with Nabors Drilling International II Limited ("Nabors"), announced on 19 December 2017, for the acquisition of three operating offshore jack-up rigs in the Arabian Gulf and all associated existing drilling contracts. The total purchase price of US$83,000,000 is to be payable by a combination of cash and ordinary shares in the Company.
Further information on the transaction can be found in the relevant press releases under "Regulatory News & Results" on the Company's investor relations website (investors.adihgroup.com).
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Enquiries
ADES International Holding |
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Hussein Badawy |
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Investor Relations Officer | ir@adesgroup.com | +2 (0)2527 7111 | |||
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Instinctif |
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David Simonson | david.simonson@instinctif.com | +44 (0)20 7457 2020 |
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Laura Syrett | laura.syrett@instinctif.com | +44 (0)20 7457 2020 |
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George Yeomans | george.yeomans@instinctif.com | +44 (0)20 7457 2020 |
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NOTES TO EDITORS
About ADES International Holding
ADES International Holding extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and Africa, offering onshore contract drilling as well as workover and production services in Egypt, Algeria and Saudi Arabia. The company is pre-qualified in markets including Egypt, Saudi Arabia, Algeria, India, Mexico and the Saudi-Kuwaiti Neutral Zone. Its over 1,200 employees serve clients including major national oil companies ("NOCs") such as Saudi Aramco and Sonatrach as well as joint ventures of NOCs with global majors including BP and Eni. While maintaining a superior health, safety and environmental record, the Group currently has a fleet of nine jack-up offshore drilling rigs, three onshore drilling rigs, a jack-up barge, and a mobile offshore production unit ("MOPU"), which includes a floating storage and offloading unit.
The Group is the largest offshore drilling operator in Egypt by number of rigs. investors.adihgroup.com