ADES International Company announced that its revenues from Egypt reached $87.2 million at the end of 2018, recording 42.4% of the company’s total revenues, Al Borsa Newspaper reported.
The company also announced that its overdue receivables recorded $152 million.
ADES plans to expand its Egyptian offshore drilling in coordination with Vantage Drilling Company, in which ADES owns 49% of stakes, and which is set to provide the needed assets while ADES provides the experienced workforce.
The company created a joint venture with Vantage to proceed drilling work in Egypt through its contract with Dana Gas in March.
This comes as ADES launched $325 million 5-years bonds in the London Stock Exchange at a fixed rate of 8.625%.