- Oil & gas drilling and production services company Ades said momentum had continued in April after first-quarter revenue rose by nearly a fifth thanks to higher utilization rates.

For the first quarter to 31 March 2020, revenue rose 22% to US$ 132.7m as the utilization rate increased to 96% from 92%.

The order backlog stood at US$ 1.34bn as at Q1 2020, up from US$ 1.31bn last year.

Looking ahead, the company said it expected a modest reduction in utilization rates in 2020 due to the oil price volatility.

'The group continues to expect a similar EBITDA performance for 2020 to that achieved in FY 2019, as outlined previously, despite the strong start to the year,' the company said.

At 8:58am: [LON:ADES] ADES International Holding Ltd share price was +0.25p at 9.25p

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