ADES International has achieved a strong operational performance in Q1 2019, Pipeline Oil and Gas Magazine reported.
Revenues surged by around 164% to $108.7 million until March 2019, up from $41.2 million a year before, due to the company’s strong performance and the increase in awarded new contracts and rig utilization.
“We delivered a strong operational performance in the first quarter of the year, significantly accelerating revenue growth, which increased by almost threefold compared to Q1 2018,” said Mohamed Farouk, ADES CEO.
ADES was awarded new contracts in Algeria earlier in 2019 for onshore rigs; ADES 2 and ADES 3. Moreover, the company recorded a utilization rate of 92% in Q1 2019, up from 77% a year ago.