Saipem to Sell Saudi Shallow-Water Drilling Business to ADES for $285M

Wednesday, June 24, 2026

Italian energy services company Saipem has signed a binding agreement to sell its shallow-water drilling business in Saudi Arabia to ADES Saudi Limited Company for $285 million, as it seeks to focus on deepwater and harsh-environment offshore drilling.

The transaction covers Saipem's entire shareholding in Saudi Arabian Saipem Limited (SAS), a company active in shallow-water offshore drilling operations.

SAS operates a fleet of three owned jack-up rigs – Perro Negro 7, Perro Negro 8 and Perro Negro 10 – and two leased jack-up rigs, Perro Negro 11 and Perro Negro 13.

The transaction value amounts to $285 million on a debt-free and cash-free basis and will be paid in cash at closing, subject to customary adjustment mechanisms.

In 2025, SAS recorded revenues of 636 million Saudi Arabian riyals, equivalent to $170 million.

Saipem said the proceeds from the sale would be used in line with the objectives of its industrial plan.

Upon completion of the transaction, the parties will enter into a bareboat charter agreement that will allow Saipem to continue its ongoing operations in Mexico using the Perro Negro 10 rig and fulfil its existing commitments.

The company said the sale represents a further step in implementing its strategy of focusing its portfolio on deepwater and harsh-environment offshore drilling and strengthening its position in higher-complexity, higher-value segments.

Completion of the transaction is expected by the third quarter of 2026, subject to customary conditions, including regulatory approvals.

ADES Saudi Limited Company is an indirect subsidiary of ADES Holding Company, an international operator of offshore and onshore drilling services.

Categories: ROV & Dive Support Inspection & Repair & Maintenance Natural Gas Mergers & Acquisitions Drilling Industry News Activity Europe Asia Oil and Gas Shallow Water Drilling Hardware Maintenance Flow Assurance

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