LONDON: ADES International Holding PLC, a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), intends to offer USD 325 million Reg S/144A senior secured notes due 2024, subject to market conditions.
The Notes will be issued by the company and guaranteed by certain of its subsidiaries. The proceeds of the notes will be used for certain debt refinancing purposes, and to pay fees, costs and expenses related to the offering and other de minimis costs, a notification sent to London Stock Exchange (LSE) said.
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 North Africa, offering onshore and offshore contract drilling as well as workover and production services.
Its 4,000 employees serve clients including major national oil companies (NOCs) such as Saudi Aramco and Kuwait Oil Company 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 thirty-four onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit (MOPU), which includes a floating storage and offloading unit. [the_ad id=”31605″]