ADES announces relocation of its HQs to Saudi Arabia as part of its global expansion strategy

ADES Group, an oil and gas drilling and production services company in the Middle East and North Africa, has announced the relocation of its headquarters to the Kingdom of Saudi Arabia as part of its global expansion strategy.

This was announced during a special event held at King Abdullah Financial District (KAFD) Conference Center in Riyadh and attended by ADES Chairman and Board of Directors, senior executives from PIF, Zamil Group Board, and executives from the financial community.

With its new headquarters in the city of Al-Khobar in the Eastern Province, ADES aims to increase its presence in the Kingdom and set its ambition for further global expansion as part of its three-year corporate strategy. This came about following the company’s decision to delist from the London Stock Exchange in 2021 to pave the way for a new chapter of its corporate story as a private company alongside its new partners at PIF and Zamil Group.

During the milestone event, ADES signed a US$1.6 billion facility agreement with leading Saudi banks and a US$540 million facility with Alinma Bank to further bolster the group’s financing options, as well as announcing the closing of the acquisition of four premium jack-up rigs operating in Saudi Arabia from Noble Drilling. In addition, the company marked its entry into the Qatar market by signing an agreement to acquire a further three premium operational jack-up rigs.

Commenting on the move, Dr. Mohammed Farouk, CEO of ADES, said: “Relocating to Al-Khobar is both a logical and forward-thinking step to be close to the world’s biggest energy company, providing us with immense opportunities. Together with our partners, PIF and Zamil Group, we are enhancing our positioning as a new global and national champion in a critical part of the upstream value chain.”

He added, “Building on more than two decades of achievements, we aim to scale up the business and deliver sustainable growth and value creation. We are also committed to achieving the energy market’s preeminence, security, and reliability, and more importantly, achieving efficiency and economic development. We also remain focused on key government agenda items, such as local content, job creation, technical skills training, and knowledge transfer, all of which are key imperatives of Saudi Arabia’s Vision 2030.”

ADES Arabia’s principal business activities include providing onshore and offshore contract drilling workover services and Mobile Offshore Production Unit (MOPU) services, together with accommodation, catering, and barge-based project services.

About ADES

Established in 1997, ADES quickly grew to become Egypt’s largest offshore drilling operator. Over the past few years, it has successfully expanded into Saudi Arabia, Kuwait, Algeria, and other MENA markets, becoming the regional champion of the industry. Possessing a fleet of more than 61 rigs and operating in more than 6 countries across the region, the company primarily operates in areas with low extraction costs, non-harsh environments, and a predominance of legacy fields. It leverages its highly-skilled workforce of more than 3,800 personnel to deliver outstanding value for clients.