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Press release content from BusinessWire. The AP news staff was not involved in its creation.

ADES Completes Acquisition of Drilling Operations from Weatherford in Kuwait

November 2, 2018 GMT

LONDON & DUBAI, United Arab Emirates--(BUSINESS WIRE)--Nov 2, 2018--ADES International Holding Ltd. (“ADES” or the “Company”), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), is pleased to announce that it has completed the acquisition of twelve onshore rigs from Weatherford International plc. (“Weatherford”) in Kuwait.

The transaction forms part of the previously signed definitive agreement with a subsidiary of Weatherford to acquire thirty-one onshore drilling rigs for a total consideration of US$ 287.5 million across Kuwait, Saudi Arabia, Algeria and Southern Iraq.

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Transaction Highlights

ADES continues to work towards closing the acquisition of the remaining seventeen Weatherford rigs, including eleven rigs in Saudi Arabia and six rigs in Algeria, with completion expected by the end of 2018.

ADES will provide a trading update to the market mid November 2018.

Dr. Mohamed Farouk, Chief Executive of ADES, said: “Today’s announcement is an important milestone for the Group as we enter the attractive Kuwaiti market for the first time. The twelve Kuwaiti rigs bring ADES’ total number of onshore rigs in the MENA region to fifteen, significantly increasing our onshore capabilities and cementing the Group’s position as a major drilling contractor for both onshore and offshore markets.”

View the full announcement here.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181102005194/en/

CONTACT: ADES International Holding

Hussein Badawy, Investor Relations Officer

T: +2 (0)2 2527 7111

ir@adesgroup.com

or

Instinctif

David Simonson

david.simonson@instinctif.com

+44 (0)20 7457 2020

or

George Yeomans

george.yeomans@instinctif.com

+44 (0)20 7457 2020

or

Sarah Hourahane

sarah.hourahane@instinctif.com

+44 (0)20 7457 2020

KEYWORD: KUWAIT UNITED ARAB EMIRATES UNITED KINGDOM EUROPE MIDDLE EAST

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INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING ENGINEERING NATURAL RESOURCES MINING/MINERALS

SOURCE: ADES International Holding Ltd.

Copyright Business Wire 2018.

PUB: 11/02/2018 05:44 AM/DISC: 11/02/2018 05:44 AM

http://www.businesswire.com/news/home/20181102005194/en