ADES accesses more funds for Middle East rig deals
ADES International Holding has secured a $140-million standby credit facility from Saudi Arabia’s Alinma bank.
DUBAI, UAE – ADES International Holding has secured a $140-million standby credit facility (KSA Facility) from Saudi Arabia’s Alinma bank.
Thedrilling contractor plans to use this to finance acquisition of three operational offshore jackups from Nabors Industries, further to an agreement last December, and potentially of other rigs that can operate in Saudi Arabia.
This is in addition to a$450-million facility arranged recently by the Bank of America Merrill Lynch and the European Bank for Reconstruction and Development.
Dr. Mohamed Farouk, CEO of ADES International Holding, said the company was participating in multiple tenders and screening acquisitions across Saudi Arabia and the wider GCC region.