Saipem has signed a binding sale and purchase agreement with ADES Saudi Limited Company, an indirect subsidiary of ADES Holding Company, to divest its entire shallow water offshore drilling business in Saudi Arabia in a transaction valued at USD 285 million. The agreement represents another significant step in Saipem’s long-term strategy to streamline its offshore drilling portfolio and concentrate on higher-value deepwater and harsh-environment operations.
Under the agreement, ADES will acquire Saipem’s full shareholding in Saudi Arabian Saipem Limited (SAS), which is held through Saipem International B.V. SAS is one of the company’s key offshore drilling businesses in Saudi Arabia, operating a fleet of five jack-up rigs that support shallow water drilling activities in the region.
The assets included in the transaction comprise three owned jack-up rigs—Perro Negro 7, Perro Negro 8, and Perro Negro 10—as well as two leased rigs, Perro Negro 11 and Perro Negro 13. During the 2025 financial year, Saudi Arabian Saipem Limited generated revenues of SAR 636 million, equivalent to approximately USD 170 million.
The acquisition will be completed on a debt-free and cash-free basis, with ADES paying the full USD 285 million purchase price in cash upon closing, subject to customary closing adjustments.
Saipem said the proceeds from the divestment will support the objectives outlined in its industrial plan as the company continues reshaping its offshore drilling portfolio toward more technologically complex and higher-margin markets.
Despite the sale, Saipem will continue operating one of the rigs involved in the transaction. Following completion, the companies will enter into a bareboat charter agreement that will enable Saipem to continue fulfilling its existing offshore drilling commitments in Mexico using the Perro Negro 10 jack-up rig without disrupting ongoing operations.
The divestment underscores Saipem’s broader strategic transformation as the global energy services company increases its focus on deepwater and harsh-environment offshore drilling, segments that offer greater technical complexity, stronger long-term demand, and higher value-added opportunities for offshore energy projects.
ADES, an international drilling contractor with offshore and onshore operations across multiple global markets, will further strengthen its presence in Saudi Arabia through the acquisition, expanding its fleet and reinforcing its position in one of the world’s largest offshore drilling markets.
Completion of the transaction is expected during the third quarter of 2026 and remains subject to customary closing conditions, including the receipt of all required regulatory approvals.
For the transaction, Saipem is being advised by Moelis & Company UK LLP as financial adviser, while Clifford Chance and AS&H Clifford Chance are serving as legal counsel.
