IDEC Overview
About Us
IDEC is committed to providing “local solutions for local drilling needs” and offers solutions and services
in Drilling and completion Fluids, Solids Control & Waste Management, Wellbore Cleanup,
Transportation Services, and Technical Testing & Analysis Services.
IDEC has a history of 12 years of oilfield service experience managing operations in UAE, Iraq, Kurdistan,
Qatar, South Sudan, Kenya, Tanzania, and Uganda.
IDEC is committed to the growth of its customers, people, and operations – aggressively managing capital
and making numerous acquisitions to broaden and extend its service and equipment portfolio.
IDEC through its long-term service agreement with a leading Drilling Fluids manufacturer has very strong
technical support which gives IDEC and consequently our customers an added degree of reassurance that
we understand the region, its economics, and its petroleum market.
VISION & MISSION
Vision
“To be clearly recognized as our industry’s leader in
maximizing our customer’s growth, by understanding
their needs.”
Mission
“We are in business to help our customers grow. Our
efforts will focus on fully understanding and exceeding
their expectations. Our goal is to be integral to our
client's business and be their partner of choice. Our
primary objective is to positively affect the profitability
of our customers and ensure optimal value and benefit
is achieved for them.”
VALUES
IDEC’s foundation is built on our values which distinguish us and guide our actions. We
conduct our business in a socially responsible and ethical manner. We respect the law,
support universal human rights protect the environment and benefit the communities
where we work.
IDEC is a multinational corporation engaged in socially responsible operations. It
provides products and services of such quality that our customers will receive superior
value while our employees and business partners will share in our success and will
receive a sustained superior return on their investment.
IDEC through a long-term service agreement is strongly supported technically by one of
the leading Manufacturers and Supplier of Drilling Fluids to the global oil and gas drilling
industry.
Our Values
EXCIITES
EXCellence
Innovation
Integrity
TEamwork
Safety
Strategic Goals
• To provide our employees with a fun, safe,
and challenging work experience where
everyone has the ability to succeed.
• To be the employer of
choice in every area.
• To be the industry leader in
drilling and completions fluids
services, solids control, waste
management and safety.
04
03
05
• To contribute to the
communities and strive to
improve the environment
everywhere we operate.
02
01
• To be recognized as the
number one choice for
critical service work.
Strategic Goals
To be the industry leader in
drilling and completions
fluids services, solids control,
waste management and
safety.
To be recognized as the
number one choice for
critical service work.
To be the employer of
choice in every area.
To contribute to the
communities and strive to
improve the environment
everywhere we operate.
To provide our employees with a
fun, safe, and challenging work
experience where everyone has
the ability to succeed.
What Makes Us Unique
Problem Solving
IDEC was established because a problem
needed a solution. That same spirit of problem
solving is still our driving force
Focused On Growth
All services aligned on growth to help clients
develop and implement innovative growth
strategies
Visionary Innovation Partner
Close collaboration with clients to help
develop their research-based visionary
perspective
Industry Coverage
Continuous monitoring of industries and their
convergence, giving clients first mover
advantage in emerging opportunities
Our Culture
 Compaction We care for our people and work hard to keep them safe
 We want to be known for solving operational problems
 We know our customers better than any other fluid services company
 We are honest and ethical
 Each area is important and serves its customers in its way
 We are accountable and strive to do it better every time
 We are one team
 We believe in our brand
Safety
We are committed to the safety of our employees and those with whom
they work. We provide training and supervision to ensure that we
prevent incidents and continuously learn from our experiences. We
empower our employees to report unsafe practices and support them if
they stop work in an unsafe environment. Our desire is that every
employee gets home safely, every day.
We have established our QHSE Management System in conformance
with the requirements of American Petroleum Institute (API), ISO 9001:
2015, ISO 14001: 2015 and ISO 45001:2018 to comply with all the
applicable international Oilfield standards and to act as bridging
material between our QHSE System & the client’s QHSE System.
IDEC’s MEA Organization Chart
Wael El Essawy
CEO
Abdellatif Ibrahim
BD Director
Ahmed Hamed
Managing Director
Mohamed
Azim
Regional IT
Manager
Brijesh
Pandey
HR Regional
Manager
TBA
KSA Country
Manager
Anup Bagadi
Regional QHSE
Manager
Ahmed Amer
Finance
Controller
G. Ramses
Iskander
Technical Regional
Manager
TBA
Qatar Country
Manager
Mohamed Gamal
Iraq Country
Manager
Zuber Hanief
South Sudan
Country Manager
David Salt
Tanzania Country
Manager
Vincilla Rodrigez
Regional
Compliance
Officer
Mourad Derraz
UAE Country
Manager
TBA Gamal
Kuwait Country
Manager
Ahmed Hassan
Regional
Supply Chain
Manager
Mathew Philip
Kenya Country
Manager
IDEC LEADERSHIP
In April of 2021, Wael El Essawy became
the new Chief Executive Officer of IDEC.
Before becoming CEO, he was a senior
advisor to the African Drilling Fluids
Board of Directors president. With 40 years
of experience in the oilfield services sector,
he began his career in International
Drilling Fluids . Then he worked for SLB, M-I
Swaco and QMax Solution for different
senior managerial positions.
IDEC Laboratories
IRAQ LAB CAPABILITIES
• Complete API testing for WBM systems
• Hot Rolling & Aging
• Particle Size Analyzer (Model 3000)
• Garrett Gas Train for Acid Gases Testing
• Permeability Plugging Testing (PPT)
• Lubricity Testing
• Shale Dispersion Testing
• Shale Integrity Testing (Bulk Hardness)
• Capillary Suction Time
IDEC Laboratories
INDIA Lab Capabilities
• There is a fully-equipped analytical laboratory to support R&D and
field operations from routine mud testing to High Temperature High
Pressure (HTHP) testing. Engineering applications are also developed
in the Corporate Technology Center, which includes everything from
drilling hydraulics to rig site Inventory management. IDEC is here to
provide our customers with the best drilling solutions.
• We connects your business to the technology resources you need:
•
•
•
•
•
•
•
Cutting-edge Technology Development
Drilling Fluids Formulation
Drilling Simulations
Fluids and Additives Testing
Mud Schools
Engineering Applications
Field Support
IDEC Laboratories
UAE Lab Capabilities
• Complete API testing for WBM
systems
• Working with client labs to produce
specially designed fluids with
desired properties.
• This lab provides direct support to
offshore & onshore operations.
• This lab is supporting MEA, East
Africa.
IDEC Engineering
Software
IDEC Engineering Software
Suite of Engineering Tools/Programs:
•
•
•
Advanced Hydraulic Simulation Analysis for
Downhole application considering
Temperature and Pressure Effects
Detailed Daily Mud Reporting and
Informative Interval and Post Well
Summaries and KPI Tracking
Bridging Analysis Software to design nondamaging fluids for the reservoir
Services Provided by IDEC
Drilling & Completions
Fluids Engineering Services
Drilling & Completions
Chemicals
Field Mud Lab Cabin with
Testing Equipment
Local & Regional Lab
Support
Bulk Tanks & Pumping
Services
Solids Control Equipment –
Screens
Waste Management
Completion Fluids Filtration
Services
Liquid Mud Plants
Storage Tanks
Services Provided by IDEC
Middle East Drilling Fluids and Bulk Storage Capabilities
•
•
•
Full range of Bulk storage, transportation equipment
Mud plant and storage tanks
Equipment and ancillaries; designed for high performance and reliability.
Services Provided by IDEC
Middle East Liquid Mud Plants
•
Custom in-house designed & engineered LMP’s
to meet customers project requirements and
specifications.
•
Modular design features to aid future expansion.
•
High-Capacity vertical silo systems or mobile
rapid deployment systems.
•
Horizontal tanks from 250 to 500bbls - built to
standard container dimensions for ease of
transportation and rapid deployment.
•
High Efficiency Mixing / Shearing Systems
incorporated in the feed hopper and mixing
tanks. 250 to 500bbl options available in round
or container sized rectangular tank systems.
•
Bulk Systems designed to be integrated into the
LMP mixing system or direct supply to supply
boat storage.
Services Provided by IDEC
Middle East Solids Control Equipment
• Full range of Solids Control equipment and ancillaries;
designed for high performance and reliability.
• Standard & Customized equipment options:
Shale Shakers & Mud Cleaners.
Quality Replacement Shaker Screens.
Centrifuge systems
High Volume
Barite recovery
Enhanced LGS Removal
De‐watering units.
Drill Cuttings Dryers (WBM & NAF).
Mobile & Fixed Liquid Mud Plants.
High Efficiency Mud Mixing systems.
Mud Vacuum systems from 30hp to 150hp.
Brine & Wastewater Filtration Systems.
Services Provided by IDEC
Middle East Waste Management Equipment
• A range of drilling related waste management equipment and
services supplied solely through IDEC and designed to ensure
our customers achieve environmental compliance.
• Standard & Customized equipment options:
•
•
•
•
•
•
Drill Cuttings Drying & Fluids Recovery.
Drill Cuttings / Slops Containment & Handling (Inc. Skip &
Ship).
Slop & Wastewater Treatment / Recycling – Onshore &
Offshore options.
Brine Reclamation & Recycling.
Spill Containment & Clean Up.
Onshore Waste Pit Remediation.
Rig Tank Cleaning & Heavy-Duty House Keeping.
Services Provided by IDEC
Warehouses – Northern Iraq Warehouse
Services Provided by IDEC
Warehouses – Northern Iraq Warehouse
Services Provided by IDEC
Northern Iraq Rig site Setup
• Exploratory well drilled in Kurdistan for Total
• Provide Mud plant, bulk storage, drilling
fluids services, waste management services
and full solid control services
• The Well drilled to planned TD successfully
without any issues
Services Provided by IDEC
Snapshot of Iraq Coil Tubing Job Setup
Services Provided by IDEC
• Exploratory well drilled in Umm Al Quwain Emirate – UAE
• HTHP conditions: 340F BHT and 16‐ppg Diesel OBM density
• The Well drilled to planned TD successfully without any issues
• Synthetic base mud is used to drill the reservoir section
UAE Rig Setup
Services Provided by IDEC
UAE – Abu Dhabi Business
• Centrifuge Service with ADNOC Offshore
• 100% Filtration Service with ADNOC Offshore
• Solids Control Services Contract with ADNOC Drilling
Services Provided by IDEC
Kenya Rig Setup for Solids Control & Dewatering System
• Exploratory & developments wells drilling Kenya
• Total 9 wells for Tullow
• Handling Drilling Fluids and Waste Management
Services
IDEC Achievements
IDEC Success Stories
K-Formate /Micromax in Kurdistan
• Gazprom wanted to run DST on multiple
intervals and needed a non-damaging kill
fluid at 19-ppg
• After series of tests, it was decided to use
Potassium Formate Brine with Micromax
(Manganese Tetroxide) to reach the
required density
• The DST Operations went smooth with no
issues
• First time in this area to reach such density
using this non-damaging fluid
IDEC Achievements
IDEC Success Stories – MMO System in Kurdistan
• Well Baranan-1 of TOTAL E&P:

350m of Sinjar, 300m of Kolosh,2350m
length of Tanjero and 750m length of
Shiranish and Kometan was drilled using
DRILSMOOTH (MMO) mud system,
without any formation losses and without
any kind of hole stability issues. A total of
3750m was drilled (including 12 ¼’’
geological side-tracking) with MMO
system running and cementing the 20’’,
13 3/8’’, 9 5/8’’ and 7’’ casings to the
planned depth without trouble. Last
phase of 6’’ section was drilled with KClPolymer-Glycol system of 1.79sg up to
4435m.
 Well was drilled ahead of scheduled time
and without any problem.
IDEC Achievements
IDEC Success Stories – MMO System in Kurdistan
Baranan-1: Planned Vs Actual
meterage drilled
Baranan-1: Planned vs Actual
Days
2500
2122
52
2000
48
1010
1000
780 782
1000
765 766
736
44
Number of Days
Meters
1500
40
37
34
28
25
500
0
26''
17.5''
Planned meterage
Actual meterage
26''
780
782
12.25''
17.5''
765
766
12.25''
1010
2122
8.5''
8.5''
1000
736
Planned days
Actual days
26''
17.5''
12.25''
8.5''
37
25
40
28
48
52
44
34
Hole Section
Hole sections
Planned meterage
Actual meterage
Planned days
Actual days
Commendation Letters
Commendation Letters
IDEC 2022
Financial Report
Executive summary
Fixed Assets Valuation
a) Fixed Assets Valuation made by Dun & Bradstreet for company assets to evaluate the fixed assets based on Fair
Market Value as of 31st Dec. 2021
Assets Value increased by $3,730K ( $3,754K – $24K adjustment = $3,730K )
a) Due to the increase in Assets Value the Yearly Depreciation has been increased consequentially as below ;
Location
Value
Abou Dhabi
$ 123K
Dubai
$120K
Erbil
$275K
Total
$518K
Executive summary
• Agent Commission Expenses during 2022 are as below :
Abu Dhabi $ 66K ( Al-Ghith)
Erbil
$ 230K ( Mras , Hawax & FMG)
Total
US$ 296K
• DSO ( Days of sales outstanding )
Average company DSO 92 days,
Mainly the increase in DSO is due to Abu Dhabi invoicing to the customer per well & the well takes an average
of +/- 3 months, while in Erbil the invoicing per month accordingly the collecting cycle is faster ( Erbil average
DSO 76 days & UAE average DSO 158 days).
•
•
•
•
•
•
•
Kenya, Branche is under shutting down due to no expected activity in the near future.
Kuwait, registration is under process, to bid in the next KOC tender ($4K direct expenses for registration)
Negotiating a contract with Genel to work in Somalia
Have a contract to supply products to Turkey, Ethiopia, and Algeria
Working on KOC (Kuwait) prequalification for the next tender
Libya, All documents submitted to be registered as a vendor for JOWFE company to be included in the plan
projects.
Financial results
Description
Erbil
UAE
Consolidated
Revenue
9,737
2,621
12,358
Gross Profit
1,021
325
1,346
Gross Profit %
10%
12%
11%
Operating Income
503
(74)
429
EBITDA
1,339
947
2,286
EBITDA %
13.8
36.1
18.5
Net Income
163
-100
63
Net Income %
2%
-4%
1%
IDEC SOE as of 31st - December -2022
IDEC Consilidated SOE as of 31st - December -2022
Description
Revenue
Direct Cost
Depreciation
Q1
Q2
3,954
2,787
497
Q3
2,581
1,841
496
Q4
2,763
2,122
493
YTD
3,060
2,279
498
12,358
9,029
1,984
Gross Profit
%
670
17%
244
9%
148
5%
283
9%
1,345
11%
SG&A
Depreciation
185
29
200
29
224
29
193
28
802
115
Other Exp.
97
52
98
-5
242
Income Tax
12
32
34
45
123
EBIT - Income / (Loss)
% of Total Revenue
359
9%
(37)
-1%
(203)
-7%
67
2%
186
2%
Net Income/Loss
Net Income/Loss %
347
9%
(69)
-3%
(237)
-9%
22
1%
63
1%
Depreciation
Income Tax
526
12
525
32
522
34
526
45
2,099
123
EBITDA
EBITDA %
885
22%
488
19%
319
12%
593
19%
2,285
18%
Revenue by key Item
Revenue per segment
14 000
12 000
10 000
8 000
6 000
4 000
2 000
Product
Revenue
Equipment
Rental ES
Screen
Revenue
Engineering ES Engineering DF
Waste
Management
Filter Catradge Transportation Other Revenue
Product Revenue
Equipment Rental ES
Screen Revenue
Engineering ES
Engineering DF
Waste Management
Filter Catradge
Transportation
Other Revenue
Total
Total
Revenue and Cost by Segment
7000000
6000000
5000000
4000000
3000000
2000000
1000000
0
Total Revenue
Total Direct Cost
DF
Total General & Administrative Expenses
ES
Screens /Filters
EBITDA (excl FX)
Product Margin and Top Customers Margin %
Month
Jan-22
Feb-22 Mar-22 Apr-22
May-22
Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 AVG.
Product Margin
Value $'000
223
246
274
85
102
93
254
100
203
215
122
257
2174
Product Margin%
32
32
37
27
28
29
45
26
26
28
30
32
31.3
Erbil Top Customers Margin %
Revenue '000
Margin %
Gulf Keystone Petroleum
1,855
29%
GEOS Energy Drilling Solutions
294
16%
Western Zagros
1,205
40%
Ultipro DMCC
110
14%
Genel Energy International Ltd
1,498
30%
PR Marriott Drilling LTD
86
15%
869
34%
ADNOC
59
35%
Halliburton
UAE Top Customers Margin %
Revenue '000
Margin %
Engineers PCR
Description
DF Engineers PCR :Revenue
Cost
PCR
Jan-22
ES Engineers PCR :Revenue
Cost
PCR
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Dec-22
Avg
101
93
0.92
108
87
0.80
78
65
0.84
44
37
0.86
22
28
1.23
22
23
1.05
44
37
0.83
25
29
1.17
44
40
0.92
55
45
0.82
23
37
1.58
40
42
1.07
605
563
0.93
162
118
0.73
134
102
0.76
120
94
0.78
114
99
0.87
103
91
0.88
67
75
1.12
59
82
1.39
71
80
1.13
73
80
1.09
88
90
1.02
83
93
1.12
89
102
1.14
1,164
1,106
0.95
Engineers PCR
180
160
140
120
100
80
60
40
20
0
Jan-22
Nov-22
Feb-22
Mar-22
Apr-22
DF Engineers PCR :-
May-22
Revenue
Cost
Jun-22
PCR
Jul-22
Aug-22
ES Engineers PCR :-
Sep-22
Revenue
Oct-22
Cost
Nov-22
PCR
Dec-22
IDEC Fixed Assets
IDEC Fixed Assets USD ' 000
All figures in USD $'000
Assets
Property, Plant and Equipments
Property, Plant and Equipments (Depreciation)
Capital Work in Progress
Total
Erbil
8,176
(5,426)
-
Mar-21
Dubai
Abu Dhabi
T. IDEC
1,826
4,817
14,820
(1,083)
(1,673)
(8,181)
-
2,751
743
3,145
6,638
Erbil
10,836
(6,006)
13
Dec-21
Dubai
Abu Dhabi
1,957
6,339
(1,059)
(2,275)
-
4,843
899
T. IDEC
19,133
(9,340)
13
Erbil
11,071
(7,058)
5
9,806
4,017
4,064
IDEC Fixed Assets IDEC Fixed Assets
25000
20000
15000
10000
5000
0
-5000
Dec-21
Dec-22
IDEC Fixed Assets USD ' 000
-10000
-15000
Assets Erbil Dubai Abu Dhabi
Property, Plant and Equipments 8,176 1,826 4,817
Property, Plant and Equipments (Depreciation) (5,426) (1,083) (1,673)
Capital Work in Progress -
Capital Work in Progress -
Total 2,751 743 3,145
-
-
-
-
Dec-22
Dubai
Abu Dhabi
1,924
6,804
(1,237)
(3,075)
687
3,729
T. IDEC
19,798
(11,370)
5
8,433
Financial Analysis
ACCOUNTS RECEIVABLE
6
3 500
ACCOUNTS PAYABLE
3 000
5
2 500
4
2 000
3
1 500
2
1 000
1
500
0
Jan
Feb
Mar
Apr
May
Jun
Jul
ACTUAL
6 000
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
BUDGET
May
Jun
Jul
ACTUAL
INVENTORY
Sep
Oct
Nov
Dec
BUDGET
INVENTORY TURNOVER
4,00
5 000
Aug
3,50
3,00
4 000
2,50
3 000
2,00
2 000
1,50
1,00
1 000
0,50
Jan
Feb
Mar
Apr
May
ACTUAL
Jun
Jul
Aug
Sep
BUDGET
Oct
Nov
Dec
0,00
Jan
Feb
Mar
Apr
May
Jun
ACTUAL
Jul
Aug
BUDGET
Sep
Oct
Nov
Dec
Financial Analysis
DAYS SALES OUTSTANDING (DSO)
TOTAL COLLECTION CYCLE (TCC)
160,00
140,0
140,00
120,0
120,00
100,0
100,00
80,0
80,00
60,0
60,00
40,0
40,00
20,0
20,00
0,0
Jan
0,00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Feb
Mar
Apr
May
Jun
ACTUAL
ACTUAL
BUDGET
WORKING CAPITAL
Jul
Aug
Sep
Oct
Nov
Dec
Dec
BUDGET
WORKING CAPITAL EFFICIENCY (WCE)
7 000
7 000
6 000
6 000
5 000
5 000
4 000
4 000
3 000
3 000
2 000
2 000
1 000
1 000
-
Jan
Feb
Mar
Apr
May
Jun
ACTUAL
Jul
Aug
Sep
BUDGET
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
ACTUAL
Jul
Aug
Sep
BUDGET
Oct
Nov
Dec
Financial Analysis
$0,0
$2,0
$4,0
$6,0
$8,0
$10,0
$12,0
$14,0
$16,0
$18,0
$20,0
$22,0
$24,0
$26,0
REVENUE
G&A
YTD ACTUAL
YTD BUDGET
EBITDA (EXCL. F/X)
$ MILLIONS USD
Revenue vs Budget
ACTUAL
23 500
BUDGET
1 3261 142
1 4031 331
2 054
1 225
2 052
1 165
Jan
Feb
Mar
Apr
813
2 051
May
603
2 055
Jun
886
2 050
Jul
729
2 152
Aug
2 151
1 148
2 152
1 154
Sep
Oct
759
2 152
Nov
2 158 12 358
1 147
Dec
TOTAL
Financial Analysis
ACTUAL
BUDGET
2 285
2 080
$0,0
$0,0
$0,0
$0,0
$0,0
191
351
343
179
217 181
188 180
Apr
May
84
173
67
178
42
267
210 265
228 265
160 269
204 264
Sep
Oct
Nov
Dec
Feb(52)
Mar
Jun
Jul
Aug
TOTAL
$ THOUSANDS USD
CAPEX - ACTUAL vs BUDGET
YTD Budget
Achieved
4 000
3 500
3 000
2 500
2 000
1 500
1 000
500
-
ACTUAL
BUDGET
3 550
Jan(91)
(0,0)
4 000
3 500
3 000
2 500
2 000
1 500
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Total
1 000
500
-
865
$ MILLIONS USD
EBITDA (excl FX) vs Budget
Financial Analysis
Revenue VS Expenses
$14 000
$12 000
$10 000
$8 000
$6 000
$4 000
$2 000
$$(2 000)
Revenue
Expenses
Financial Analysis
IDEC Iraq Revenue per Client
IDEC Dubai Revenue per Client
12000
700
10000
600
8000
500
6000
4000
400
2000
300
0
200
100
-
Smart Oilfield
Equipment
Holding LTD
IDEC Abu Dhabi Revenue per Client
2 500
2 000
1 500
1 000
500
ADNOC
MI Gulf Services LLC
Total Abu Dhabi
Ultipro DMCC
GEOS Energy
Drilling
Solutions
Samaa
Technologies
PR Marriott
Drilling LTD
Total Dubai