Ades Holding Company
TTADAWUL:238215.51
SAR
-1.00
(-6.06%)
Ades Holding Company
TADAWUL:2382
(Saudi Exchange)
Recent
price
15.51
P/E
ratio
26.53
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- ADES Holding Company (2382.SR), a Saudi Arabia-based provider of oil and gas drilling and production services, operates a fleet of over 90 rigs, including 40 onshore drilling rigs, 48 jackup offshore drilling rigs, two jackup barges, and one mobile offshore production unit (MOPU); its core services encompass offshore and onshore contract drilling, workover operations, mobile offshore production unit services, accommodation, catering, barge-based support, projects services, repair and maintenance, rigs leasing, HR services, training, trading, and transportation equipment leasing. The company delivers these services primarily to upstream oil and gas clients such as Saudi Aramco, Kuwait Oil Company, EGPC subsidiaries, and international oil companies across eleven countries, including Saudi Arabia, Kuwait, Egypt, Qatar, Algeria, Tunisia, India, Indonesia, Malaysia, Thailand, and Nigeria. Founded in 2002 and headquartered in Al Khobar, Saudi Arabia, ADES Holding focuses on the Middle East, North Africa, Southeast Asia, and West Africa regions, emphasizing safety, operational efficiency, and long-term contract tenors with a current backlog exceeding SAR 28 billion. In recent developments, the company completed the acquisition of Shelf Drilling in November 2025 via a cash merger, enhancing its offshore fleet and market position with expected annual synergies of $50-60 million and initial interest savings over $30 million; it also acquired two premium jackup rigs from Vantage Drilling in October 2024 for operations in Malaysia and Indonesia, secured a USD 3 billion syndicated loan upsizing in July 2024, won new contracts including two in Nigeria in early 2025 marking entry into West Africa and a five-year jackup deal with PTTEP in Thailand in December 2024, and deployed previously suspended rigs across Qatar, Thailand, Egypt, and Nigeria while extending long-term onshore and offshore contracts in Saudi Arabia and Kuwait. These strategic moves support robust FY 2024 revenue growth of 43% to SAR 6.2 billion, net profit expansion of 81% to SAR 816 million, and FY 2025 EBITDA guidance of SAR 3.28-3.39 billion.