ADES secures funds for further Middle East drilling growth

Middle East drilling contractor ADES International Holding has signed a $450-million syndicated credit facility.

Offshore staff

DUBAI, UAE – Middle East drilling contractor ADES International Holding has signed a $450-million syndicated credit facility.

This should give the company greater flexibility to pursue further contracts and rig acquisitions for its operations in theMiddle East North Africa (MENA) region. It will also use some of the funds to re-finance its existing debt.

The facility was arranged by the Bank of America Merrill Lynch and the European Bank for Reconstruction and Development, with participation from 11 multi-lateral, regional and local banks.

03/28/2018

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