Advanced Energy Systems (ADES) earned $39.2 million in revenues from its work in Egypt during H1 2020 against $43.6 million in H1 2019; indicating a 10% year-on-year (YoY) decrease, according to a statement.
Mohamed Farouk, ADES’s CEO, reflected on the company’s figures stating that “our results were supported by a strong first-quarter performance through April, before seeing an impact caused by oil market volatility and COVID-19 related disruptions towards the end of the second quarter. Nevertheless, we managed to broadly maintain our normalized margins thanks to our cost-saving initiatives that helped counter the effect posed by the pandemic and the current market dynamics.”
Egypt’s revenues contributed to 16% of the company’s total revenues which mounted to $249.3 million against $219.9 million; denoting a 13% YoY increase. ADES currently conducts offshore drilling and workover services in Egypt focusing on shallow/ultra-shallow water and non-harsh environments. The company has one Mobile Offshore Production Unit (MOPU), Admarine I, in Egypt which is under contract with Petrozenima to process, store and offload crude oil.