London Stock Exchange today welcomed ADES International Holding

London Stock Exchange today welcomed ADES International Holding, a leading provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, to open the market on the occasion of the initial public offering of its ordinary shares on 12 May 2017. ADES shares have been admitted to the standard listing segment of the main market.

ADES raised gross proceeds of USD 170 million from the sale of the New Shares to high-quality international institutional investors and will use the net proceeds it receives primarily to fund capital expenditures related to the scale-up of its operations in Egypt, Saudi Arabia and Algeria; and to fund ventures into new markets including Gulf Cooperation Council countries.

Speaking on the company’s admission to trading, ADES Executive Chairman Ayman Abbas:

"This is an opportune moment to tap the global equity market to leverage our established platform and business model by funding capital expenditures related to the scale-up of the Group’s operations in existing markets and to penetrate new markets including Gulf Cooperation Council countries. Our aim is clear: To create substantial risk-adjusted returns for shareholders as we write the next chapter of our growth story."

Speaking on the company’s admission to trading, ADES Chief Executive Officer Dr. Mohamed Farouk said:

"It is an honor to join the ranks of London Stock Exchange companies. We specialise today in shallow-water, non-harsh environments and deliver lower prices than our competitors to a client base that includes international and national oil companies thanks to a highly-differentiated business model that also provides us with a degree of insulation from oil market cycles. Today, Eni’s world-class Zohr supergiant field in Egypt has prompted multiple players to contemplate or engage in accelerated deep-water campaigns in the Eastern Mediterranean, leading us to see a substantial opportunity to also grow our business via an innovative, lower-risk approach to deep water opportunities in the region."

EFG Hermes was Sole Global Coordinator and Joint Bookrunner for the offering. Citigroup Global Markets Limited was Stabilising Manager and Joint Bookrunner. White & Case LLP was counsel to the Company, while Baker McKenzie served as counsel to the Sole Global Coordinator and Joint Bookrunners.