Addis Holding, the leading company providing drilling and production services to the oil and gas sector, revealed its ambitious plans to expand in the Middle East and East Asia region by acquiring companies with assets worth up to $1.5 billion.

According to statements by Addis Group CEO Mohamed Farouk, the company seeks to strengthen its position as a regional power with greater control over supply chains by acquiring companies with well-established operations in the region.

These ambitious plans are supported by additional financing worth $3 billion obtained through modifying an existing credit facility with the participation of a majority of existing lenders as well as new local and regional financial institutions.

The additional financing aims to support the expansion plans developed by the group, as $2.7 billion will be allocated to finance capital expenditures, while $300 million will be allocated as revolving credit financing.

Addis Holding is one of the leading companies providing offshore drilling services in the Kingdom of Saudi Arabia, as it owns 33 raised drilling platforms, representing 36% of the market share.

During the past year, Addis achieved 72% of its revenues from its operations in Saudi Arabia, while over the next two years, it seeks to raise the contribution of revenues from operations outside the Kingdom to 45% of total revenues.