Saudi -listed ADES Holding Company said a vacuum in attractive markets such as India and Southeast Asia could largely offset potential excess supply in Saudi Arabia.

“The migration of assets into the Middle East in recent years has created a vacuum in several attractive markets, including Southeast Asia,” CEO Mohamed Farouk said in the company’s 2023 financial statement.

“The group is already growing its presence there with recent awards in India and Indonesia. These trends, in addition to the anticipated demand from the GCC, should to a large extent offset potential excess in supply in Saudi Arabia following the recent developments,” he added.

The current market dynamics point to tightness, with offshore jack-up utilisation rates reaching 95 percent and limited new-build activity.

(Writing by D Madhura; Editing by Anoop Menon)


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