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Saudi Ades platforms restart operations
Addis Holding Company announced the resumption of operations on all its offshore drilling rigs in Saudi Arabia after a temporary suspension in March. This decision comes as the utilization rates of the rigs have surpassed 90%, amid a market suffering from a structural shortage of offshore drilling platforms. Following the announcement, the company's stock jumped over 4% on the Saudi market. Addis is the world's largest owner of offshore drilling rigs, owning 123 rigs spread across 20 countries, including 81 offshore platforms and 40 onshore rigs.
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