ADES Holding Company (hereinafter referred to as the “Company” or the “Issuer”) was established on 1444-04-06H (corresponding to 28/12/2022G) as a Saudi mixed closed joint stock company owned by ADES
Investments Holding, Public Investment Fund (“PIF”) and Zamil Group Investment Limited (“Zamil Investment”) under Commercial Registration No. 2051245446 dated 1444-04-06H (corresponding to 28/12/2022G) issued in Al Khobar, Kingdom of Saudi Arabia, pursuant to Ministerial Resolution No. 1415 dated 25/05/1444H. Its head office is located at 7429 Prince Turki Street, Corniche District, Al Khobar 2203, Kingdom of Saudi Arabia (“Saudi Arabia” or the “Kingdom”) The history of the Group dates back to 2002G, when its first subsidiary, ADES Egypt, was established. The Group operates through its branches and subsidiaries incorporated in various countries, including the following: (1) the Kingdom, (2) Kuwait, (3) the United Arab Emirates, (4) Egypt, (5) the Cayman Islands, (6) Bermuda, (7) Cyprus, and (8) Liberia. The Company directly and wholly owns one subsidiary, ADES International, which is a private limited holding company established in Dubai International Financial Centre in 2016G. It directly and indirectly owns all the 22 Subsidiaries of the Group
The Company's main activity is managing its Subsidiaries, investing the funds of its Subsidiaries, owning the properties and movables necessary to carry out its activity, providing loans, guarantees and financing to its Subsidiaries, owning industrial property rights of the Subsidiaries and leasing industrial property rights to its Subsidiaries or third parties
The Group's main activities are as follows Contracting services for excavation and maintenance of onshore and offshore wells Services related to oil extraction Excavation and onshore and offshore maintenance servicesProvision of contracted offshore and onshore excavation services Provision of maintenance and production services.
Group's Key Values
Integrity: Ensuring that the Group's individual and corporate activities are bounded by honesty and ethical conduct.
Safety: Personal and operational safety are the Group's greatest responsibilities, followed by the protection of the environment, company property and client property.
Customer Focus: All of the Group's decisions are taken with the Group's clients in focus and aimed to add value for the clients.
Decisiveness: Being alert to changes and moving quickly and decisively to meet the challenges that emerge from such changes
Innovation: Promoting an innovative culture and attitude by applying creative thinking to every segment of the Group's work.
Performance: Providing a level of service that exceeds the expectations of the Group's clients while remaining environmentally conscious
Strategy
Maintaining cost control through continued commitment to a lean cost structure
The Group plans to continue leveraging its lean cost structure of controlled capital expenditures and low operating expenses. To optimise its operating cost saving measures, the Group intends to continue to rely on its in-house refurbishment and maintenance team to conduct many refurbishment and maintenance jobs, rather than hiring third-party service providers. This will enable the Group to lower upfront and ongoing maintenance costs and to reduce rig downtime. The Group also plans to continue relying primarily on talent and work force local to areas of operation. Sourcing crew members locally and paying them in local currencies has allowed the Group to maintain a competitive operating cost profile. The Group will continue to recruit local talent from multiple countries to ensure that it can continue to have a sufficient supply of skilled crew to help achieve its growth objectives. The Group's continued commitment to a lean cost structure allows it to compete aggressively and profitably even during difficult market conditions
Acquisitions of new rigs and organic growth by participating in tenders while maintaining the highest quality of the service
Optimise the Group's fleet based on changing market conditions
Pursue selective growth by acquiring assets with potential for strong returns on investment
Maintain prudent approach to liquidity and growth funding
Headquarters
7429 Prince Turki Street, Corniche District, Al Zamil House
Khobar; Eastern Province;
Postal Code: 2203
Contact Details: Purchase the Ades Holding Company A Saudi Mixed Closed Joint Stock Company report to view the information.
Website: http://adesgroup.com
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