ADES International Holding Appointment of CFO (9101P)
September 06 2017 - 1:00AM
UK Regulatory
TIDMADES
RNS Number : 9101P
ADES International Holding
06 September 2017
ADES International Holding Ltd
Appointment of Chief Financial Officer
(London & Dubai, 6 September 2017) ADES International
Holding Ltd. (LON: ADES), the London-listed company providing
offshore and onshore oil and gas drilling and production services
in the Middle East and Africa through its subsidiaries, announces
the appointment of Mr. Ahmed El-Khatib as Chief Financial Officer
(CFO) with immediate effect.
Mr. El-Khatib, a UK national, is a veteran of the global energy
industry with experience spanning the Middle East, North Africa and
Europe. Over a 20-year career, he served in a series of
increasingly senior posts with BP, which he joined in 1996,
including postings in Cairo, London, Houston and Abu Dhabi, during
which he led complex, multi-billion-dollar transactions across the
Middle East, including the renewal of licenses, bids, and the
design of commercial structures, among other senior financial
mandates.
Mr. El-Khatib was most recently BP's business development
director for the Middle East, where his track record included
leading the commercial negotiations for BP's entry to Kuwait, bid
preparation for onshore and offshore concession renewal
opportunities for Abu Dhabi and acreage extension in Oman. He was
head of finance in Houston for BP's Global Projects Organisation
with a scope covering 25 projects comprising 30% of BP's project
capital in 2013; executive director of the United Gas Derivatives
Co. in Cairo; and a director for mergers and acquisitions at BP's
global M&A function in London, among other postings.
He holds an MBA from the American University in Cairo, and MSc
in computer science from Howard University in Washington, DC, and a
B.SC. in electronic and communications engineering from Cairo
University.
Dr. Mohamed Farouk, Chief Executive Officer of ADES
International Holding, commented:
"I am very pleased to welcome Ahmed to the Group as we
strengthen our senior management team with the finance, business
development and investment talent we need to pursue our next phase
of growth. Ahmed's unique experience in the sector both globally
and regionally will be important to the Group as we pursue both new
territories and inorganic growth opportunities."
-Ends-
Enquiries
ADES International Holding
Hussein Badawy
+2 (0)2527
Investor Relations Officer ir@adesgroup.com 7111
Instinctif
+4 (0) 20
David Simonson david.simonson@instinctif.com 7457 2020
+44 (0)20
Laura Syrett laura.syrett@instinctif.com 7457 2020
+44 (0)20
George Yeomans george.yeomans@instinctif.com 7457 2020
NOTES TO EDITORS
About ADES International Holding
ADES International Holding extends oil and gas drilling and
production services through its subsidiaries and is a leading
service provider in the Middle East and Africa, offering onshore
contract drilling as well as workover and production services in
Egypt, Algeria and Saudi Arabia. The company is pre-qualified in
markets including Egypt, Saudi Arabia, Algeria, India, Mexico and
the Saudi-Kuwaiti Neutral Zone. Its over 1,200 employees serve
clients including major national oil companies ("NOCs") such as
Saudi Aramco and Sonatrach as well as joint ventures of NOCs with
global majors including BP and Eni. While maintaining a superior
health, safety and environmental record, the Group currently has a
fleet of nine jack-up offshore drilling rigs, three onshore
drilling rigs, a jack-up barge, and a mobile offshore production
unit ("MOPU"), which includes a floating storage and offloading
unit.
The Group is the largest offshore drilling operator in Egypt by
number of rigs. www.adesgroup.com
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END
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