ADES receives advice on an increased billion financing deal
White & Case LLP, a prestigious global law firm, recently provided counsel to ADES Holding Company (ADES), a prominent international oil and gas drilling services provider, on a substantial new financing arrangement totaling US billion. This multi-tranche and multi-currency facility represented a significant expansion of an existing syndicated facility, with the majority of current lenders participating alongside several new key local and regional financial institutions.
Among the institutions involved in this groundbreaking deal were Saudi Awwal Bank, Riyadh Bank, Al Rajhi Banking and Investment Corporation, Arab National Bank, Saudi National Bank, Alinma Bank, Banque Saudi Fransi, Aljazira Bank, Arab Petroleum Investments Corporation (APICORP), Goldman Sachs International Bank, Gulf International Bank – Saudi Arabia, and Commercial Bank of Dubai PSC. The collaboration between these established financial entities indicates strong support for ADES’ strategic growth initiatives.
Addressing the need for additional funding to fuel its expansion plans, ADES opted for a top-up to its existing syndicated facility obtained in 2021. This increased facility, valued at US billion, was structured to include a US.7 billion standby term tranche and a supplemental US0 million revolving working capital facility tranche. The infusion of capital from this upsized syndicated facility will provide ADES with the financial leverage needed to pursue new growth opportunities, including potential acquisitions and organic expansion efforts.
ADES Holding Company, headquartered in Al Khobar, Saudi Arabia, stands out as a premier provider of drilling services on a global scale. With a workforce exceeding 8,000 employees and a diverse fleet comprising 87 rigs deployed across nine countries, including a mix of onshore and offshore drilling assets, ADES has firmly established itself as a leader in the industry. The company’s forward-looking expansion strategy aligns with the broader objectives of the oil and gas sector, offering promising prospects for sustained growth and diversification.
The transaction was overseen by a dedicated team of legal professionals at White & Case’s Cairo office, with partner Sherief Rashed leading the effort alongside associate Nada Hussein. Their expertise and industry insight were instrumental in navigating the complexities of the deal and ensuring a successful outcome for ADES and its stakeholders.
As ADES continues to chart a course for future growth and innovation, the support from White & Case and the diverse group of financial partners involved in this financing arrangement underscores confidence in the company’s vision and capabilities. With access to this expanded facility, ADES is well-positioned to capitalize on emerging opportunities in the dynamic oil and gas market, cementing its position as a key player in the global energy landscape.
For more information on this transformative deal and other developments within the industry, please reach out to your local media contact or visit White & Case’s website for additional insights and updates on the legal and financial landscape.
