Pursuant to the terms of the recommended cash offer, announced today, ADES International will receive $12.50 for each ADES share from Innovative Energy, which is currently wholly owned by ADES Investments. Subject to the offer becoming unconditional, PIF has agreed to subscribe for shares in Innovative Energy in order to provide Innovative Energy with the financing required to acquire the ADES Shares from ADES Shareholders who accept the offer. Each of ADES Investments and Zamil Investments have also agreed with Innovative Energy that upon the offer becoming unconditional it will contribute its respective holdings of ADES Shares to Innovative Energy in exchange for ordinary shares in the capital of Innovative Energy. As at the date of the offer, ADES Investments holds shares representing approximately 63.9 per cent of ADES International's existing issued share capital and Zamil Investments holds shares representing approximately 4.9 per cent. of ADES International's existing issued share capital.
ADES International is a leading oil and gas drilling and production services provider in the Middle East and Africa region, offering onshore and offshore contract drilling as well as workover and production service. ADES International currently operates in Egypt, Algeria, Kuwait and the Kingdom of Saudi Arabia, and has a total workforce of over approximately 4,000 employees. Since its primary operation company's (Advanced Energy Systems ADES SAE) establishment in 2002, the group has grown to become Egypt's largest offshore drilling operator by number of jack-up rigs, with a growing presence in the Kingdom of Saudi Arabia and Algeria. While maintaining a superior health, safety and environmental record, the Group currently has a fleet of thirty-four onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit, which includes a floating storage and offloading unit. ADES International reported a 132 per cent. year-on-year increase in revenue for the year ending 31 December 2019, with revenue totalling $477.8 million.
The cross-border Ashurst team advising ADES Investments on the offer is being led by partnerTom Mercerand senior associateHarry Thimontin London and partner如果mon Fraserand senior associateMatt Hartsuykerin Dubai, along with associates Jake Hadfield, Louise Johnson, Millie Gibbs in London and associates Rushal Noor and Sara Malek in Dubai. Specialist competition law advice is also being provided by partnerNeil Cuninghamewith assistance from associate Adelle Elhosni. PartnerBilal Ranais advising on Saudi law matters.
