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Saipem has signed a legally binding sale and purchase agreement with ADES Saudi Limited Company, an indirect subsidiary of ADES Holding Company (ADES) for the sale of its entire shareholding (owned through its subsidiary Saipem International B.V.) in Saudi Arabian Saipem Limited (SAS)

SAS is active in shallow-water offshore drilling operations, with a fleet comprising three owned jack-up rigs (Perro Negro 7, Perro Negro 8, Perro Negro 10) and two leased jack-up rigs (Perro Negro 11 and Perro Negro 13).

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

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

The proceeds from the transaction will be used in line with the objectives of Saipem’s 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 with the Perro Negro 10 rig and to ensure full compliance with its existing commitments.

The transaction represents a further step in the implementation of Saipem’s strategy aimed at focusing its portfolio on deepwater and harsh-environment offshore drilling, strengthening the Group’s positioning in higher-complexity, higher-value-added segments.

Completion of the transaction, indicatively expected by the third quarter of 2026, is subject to the satisfaction of customary conditions precedent, including the obtainment of applicable regulatory approvals.

In connection with the transaction, Saipem is advised by Moelis & Company UK LLP, acting as financial advisor and by Clifford Chance, together with AS&H Clifford Chance, as legal counsel.

Blue Ocean Decom has officially launched to provide engineered, specialist subsea removal solutions for the offshore energy sector.

The offshore energy sector faces a monumental shift. Operators must dismantle and safely remove decades of ageing infrastructure from the ocean floor. Regulators increasingly demand timely compliance. Environmental responsibility now dictates every operational move. Decommissioning no longer represents a simple back-end obligation. The industry now treats it as a top strategic priority. Operators face immense pressure to execute these complex projects with absolute precision. Blue Ocean Decom has officially launched to address this exact challenge. The new business operates as a specialist subsea removal and decommissioning solutions provider.

Alfie Cheyne backs this new enterprise. Cheyne stands as one of the most recognised figures within the offshore industry. He holds a proven track record as a builder of successful international service companies. His impressive portfolio includes the creation and rapid growth of ACE Winches. Managing Director Ross Anderson leads Blue Ocean Decom on an operational level. Anderson brings an incredible amount of field and project leadership experience to the table. He has previously directed major offshore decommissioning campaigns around the world. His extensive background includes highly complex operations within the Middle East.

Strategic Global Expansion
The company seeks aggressive international growth immediately following its launch. Leadership has identified the Middle East as a key priority region. They have also named the Asia Pacific region and the UK offshore sectors as primary operational targets. Global decommissioning activity continues to accelerate at an unprecedented pace. Operators desperately seek out dependable partners to handle this massive workload. Clients require dedicated experts who can deliver engineered decommissioning solutions. They need specialist firms capable of mobilising highly tailored equipment packages quickly. Operators must also deploy deeply experienced technicians to the field. These technical specialists must fundamentally understand the schedule-critical nature of subsea removal operations. The leadership team built Blue Ocean Decom specifically to meet this exact operational requirement.

Chairman Alfie said: "I've spent my career backing and building specialist service businesses in the offshore sector, and the pattern is always the same: the market rewards focus. As decommissioning activity grows, subsea removal deserves the same level of specialist attention as any other critical path discipline. That's the gap Blue Ocean Decom has been built to fill, with Ross leading a team whose entire attention is on doing this one thing extremely well."

Ross added: "The subsea removal phase is a defining element of any decommissioning campaign, influencing safety, schedule and overall project performance. As the industry scales up, it needs partners who treat this scope with the focus and precision it demands. That's exactly the focus we've built this business around."

Specialist Decommissioning Solutions
Ageing offshore infrastructure drives a massive surge in global decommissioning demand. Regulators push operators hard to remove redundant assets quickly. Energy companies face intense scrutiny regarding their planning certainty. Execution discipline remains paramount throughout the entire removal process. Environmental responsibility remains a constant requirement for all offshore operators. Blue Ocean Decom responds directly to this industry-wide shift.

The new company focuses exclusively on specialist decommissioning solutions. The firm provides specialised equipment packages to support complex platform and well cutting operations. The operational team handles the safe subsea asset removal of pipelines and risers. They also offer comprehensive services for seabed preparation and subsequent clearance. Subsea asset recovery represents another core component of their extensive service offering. The business delivers this highly focused approach through advanced engineering practices. The team consistently creates tailored project solutions to meet specific client needs. A dedicated group of professionals executes these complex offshore decommissioning projects.

Blue Ocean Decom places its equipment and personnel strategically across key global hubs. This international footprint allows the company to execute rapid mobilisation. The firm can guarantee project-specific deployment regardless of the geographic location. Effective subsea decommissioning must return the seabed to a completely safe and compliant condition. The team removes redundant structures efficiently. They ensure their work produces minimal environmental impact. Delivering this safe outcome remains central to the overarching purpose of the company.

Ross added: "A dedicated decommissioning partner to operators and Tier 1 contractors fits where the industry is heading. We've built this company to be exactly that."

TA’ZIZ, a joint venture between ADNOC and ADQ, has signed long-term agreements spanning offtake, feedstock and sales across its chemicals portfolio, valued at US$28.5bn (AED104.6bn)

Signed at the Make it in the Emirates Forum, the agreements, valued at US$28.5bn, secure both global offtake and reliable local feedstocks, allowing for large-scale chemical production within the UAE and reinforcing TA’ZIZ’s role in building a fully integrated domestic chemicals ecosystem. The deals include sale agreements with ADNOC and Proman for methanol; Emirates Global Aluminium (EGA) for caustic soda; Mitsubishi Corporation for ethylene dichloride (EDC), vinyl chloride monomer (VCM) and caustic soda; Mitsui & Co. for EDC and caustic soda; Sanmar Group for EDC and VCM; Tricon for PVC, EDC and caustic soda; and Vinmar for EDC and polyvinyl chloride (PVC).

ADNOC Gas secured a 25-year feedstock agreement to supply natural gas to the TA'ZIZ methanol project valued at over $5 billion (AED18.4 billion). TA’ZIZ also agreed a 20 year salt supply agreement with Abu Dhabi based Sama Salt to support production at its PVC complex.

Mashal Saoud Al-Kindi, CEO of TA’ZIZ, said, “These long term agreements represent a defining milestone for TA’ZIZ and for the UAE’s industrial growth ambitions. By securing both global demand and reliable local feedstock, we are translating vision into delivery, anchoring world scale chemicals production, strengthening domestic value chains and creating enduring economic value, jobs and supply chain resilience for the UAE.”

Together, these agreements leverage local resources to secure a reliable and sustainable supply of critical raw materials, further strengthening domestic value chains and advancing the UAE’s industrial self sufficiency.

TA’ZIZ is a manufacturing, industrial services, logistics and utilities ecosystem that enables the production of transition fuels and new products across the chemicals value chain, supporting ADNOC’s ambition to become a top three global chemicals player as well as the UAE’s industrial development and economic diversification ambitions.

The TA’ZIZ Industrial Chemicals Zone is set to produce 4.7 million tonnes per annum (mtpa) of chemicals once construction is completed in 2028. This includes a 1 mtpa ammonia plant, a 1.8 mtpa methanol plant and 1.9 mtpa of marketable products from its integrated polyvinyl chloride (PVC) complex. The PVC complex, which produces PVC, ethylene dichloride (EDC), vinyl chloride monomer (VCM), and caustic soda, will be one of the world’s top three largest single site PVC complexes.

Also at the Make it at the Emirates Forum, TA’ZIZ and Alpha Dhabi Holding announced a strategic collaboration agreement for around US$10 bn (AED36.7bn) in capital investment in new industrial chemicals in the TA’ZIZ industrial chemicals ecosystem in Al Ruwais Industrial City, Al Dhafra region of Abu Dhabi.

The partnership could produce up to 14 new chemicals, delivering around 2.2mn tonnes per annum (mtpa) of additional chemical capacity in the TA’ZIZ industrial chemicals ecosystem in Al Ruwais Industrial City. The new chemicals, which include styrene and polystyrenes, acrylic acid and derivates, polyols, MDI, epoxy resins and linear alpha-olefins, are based on domestic demand and could substitute key products currently imported into the UAE, while strengthening local supply chain resilience. The partnership supports the UAE’s national industrial priorities, including the Make it in the Emirates (MIITE) initiative and the country’s industrial strategy, by strengthening domestic manufacturing capability and advancing self-sufficiency in strategically important chemical products.

The adoption of Industrial Internet of Things (IIOT) is accelerating throughout the value chain in the oil and gas sector, says intelligence platform GlobalData

GlobalData’s Strategic Intelligence report, “Industrial Internet in Oil & Gas,” reveals that artificial intelligence (AI) and digital twins will revolutionise the Industrial Internet in oil and gas, powering smarter connected assets across exploration, drilling, and production. This technology shift enables autonomous operations, predictive maintenance, enhanced efficiency, and the agility crucial for navigating volatile markets.

The upstream segment is at the forefront of Industrial Internet adoption, according to the report. Projects are increasingly capital intensive and geographically remote, facing new subsurface challenges and rising environmental, social, and governance (ESG) scrutiny. As a result, real-time monitoring and modelling can make a big difference to outcomes. Digital twins, AI-driven drilling optimization, and field-wide

IoT networks enable operators to simulate outcomes, remotely manage wells, predict equipment failures, and integrate new production more rapidly.

In the midstream segment, sensors on pipelines and tanks provide real-time data on pressure, flow, and integrity, enabling faster leak detection and improved responses to anomalies.

In the downsteam operations, real-time data collection and advanced process automation now underpin production optimisation, emissions control, and energy management. Digital twins are enabling continuous process modelling, rapid scenario testing, and proactive troubleshooting.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, commented, “The oil and gas industry in 2026 faces unprecedented external pressures: high and volatile prices, supply uncertainty, climate change concerns, rising consumption of cleaner energy, and realigning global energy trade routes. Besides these, companies are facing significant operational challenges driven by factors such as US tariffs, the Iran conflict, sanctions, and protectionist policies. To secure future growth and resilience, operators are embracing the Industrial Internet across their businesses.

Puranik added, “Autonomous operations are rapidly becoming standard in digitally advanced oilfields, particularly in offshore environments such as fixed platforms and FPSOs, where remote and reliable management is both a logistical necessity and a cost imperative. Also, cloud-based analytics and AI systems connect the dots from raw input to final distribution, improving the accuracy of demand forecasting and inventory management even in volatile markets.”

According to Globaldata, the global Industrial Internet market is expanding rapidly, and is forecast to grow at a compound annual growth rate (CAGR) of 16% from 2024 to 2029, to reach US$552.7bn in revenue by 2029, of which the energy sector is expected to generate US$79bn.

How do complacency and human factors contribute to workplace injuries, and how can you prevent complacency-related injuries and incidents?

That is the subject of a webinar hosted by HSE Review in association with SafeStart, to take place on Wednesday 1st April 2026 at 2pm GST, which will shine a light on the neuroscience behind competence, complacency and human factors.

Safety professionals have known for years that “complacency is a silent killer.” They have also suspected that complacency was a contributing factor in almost every unintentional injury or incident. Unfortunately, from a neuroscience perspective, it is impossible to stop people from becoming complacent once they are competent. And for high-risks tasks in particular, competence is a must.

Even more unfortunately, many (most) companies do not know what to do to help their employees deal with complacency, which leads to mind not on task/risk.

In this session, participants will:
• Understand the neuroscience behind complacency and why it cannot be eliminated once competence is achieved
• Recognise the two stages of the complacency continuum and how human factors impact critical decision-making
• Learn practical skills to prevent complacency-related injuries, including attentive habits, looking for risk patterns in others, analysing close calls and small errors to prevent agonising over large ones, and using self-triggering skills, to deal with rushing, frustration and fatigue which, when combined with complacency, can cause fatalities
• Explore how concepts such as fail-safe can help compensate for complacency leading to mind not on task.

Register for the webinar here

Our speaker is Larry Wilson, a pioneer in the area of Human Factors in safety. He has been a safety consultant for over 25 years and has worked on-site with hundreds of companies worldwide. Larry is the author of SafeStart, an advanced safety and performance awareness programme, successfully implemented in more than 4,500 companies in 75 countries, with more than five million people trained. He is the moderator of the SafeConnection expert panels series and has authored and co-authored a number of books, the latest being “25 Years of Original Thought-Innovations in Safety, Human Error and Performance”. Larry is also an active keynote speaker at health and safety conferences around the globe (32 countries so far).

Participants are guaranteed an hour of engaging and thought-provoking interactive discussion and debate and will take away the understanding, skills and strategies to help prevent complacency-related injuries and incidents.

So don’t delay, register for the webinar here

SafeStart Trainer Certification – Global Training Series

Following strong demand last year and impact across global markets, we’re also launching the SafeStart Trainer Certification – Global Training Series, starting with Dubai on 7–8 April 2026.

This is a practical, human factors–based certification designed to help organisations reduce incidents, strengthen decision-making, and improve overall safety performance, on and off the job.

Find out more information and register here:

The global hydrogen economy is evolving and is entering a new inflection point in 2026 amid shifting market realities, policy uncertainties and execution challenges

That’s according to Hydrogen in Oil and Gas, a new report from leading intelligence platform GlobalData, which reveals that as of February 2026, active low-carbon hydrogen capacity stood at around 2.2 million tonnes per annum (mtpa), with over 460 projects in operation, compared to 104 in 2020. However, demand uncertainty and limited investment are barriers constraining the development of new low-carbon hydrogen projects, particularly in North America, where policy change has negatively impacted certain high-profile projects.

GlobalData projects that global hydrogen production capacity could reach 82.3 mtpa by 2030, taking into account the active under development projects, but around 57% of projects due to start by then are still at the feasibility stage, and are unlikely to be commissioned on schedule.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, commented, “Despite an impressive increase in count of active low-carbon hydrogen projects, capacity additions remain far below the levels needed to meet the near-term targets set by the IEA Net Zero Emissions (NZE) scenario.”

GlobalData notes the scarcity of large-scale projects, with only 10 of the 2,335 upcoming projects worldwide having capacities exceeding 1 mtpa and a few others touching the 0.5 mtpa mark. Among the 10 high-capacity projects, nine are for green hydrogen, and one is for blue hydrogen.

Puranik continues: “Despite accounting for the bulk of the project numbers, the cumulative capacity of green hydrogen initiatives remains relatively modest. Thus, their output is not large enough to displace established energy sources, such as natural gas or utility-scale renewables. Developers face significant challenges in scaling up, including overcoming infrastructure constraints, securing long-term offtake agreements, and ensuring financial viability. Until more large-scale progress through the development pipeline, hydrogen’s share in the global energy mix will likely remain constrained.”

“Looking ahead to 2030, global low-carbon hydrogen capacity is expected to expand once demand picks up, backed by increased private investment and supportive policy frameworks, as it is a critical energy source to achieve corporate net-zero commitments. Nevertheless, achieving these ambitions will require overcoming persistent financial, regulatory, and infrastructure barriers in the near term to ensure that project announcements translate into operational capacity by the end of the decade.”

Among oil and gas majors, BP leads in green hydrogen, with nearly 3 mtpa of active and upcoming capacity with projects in Mauritania, Australia, and across Europe. TotalEnergies has also increased its focus on green hydrogen projects, alongside industrial gas leaders like Air Liquide and Air Products. Meanwhile, Shell and Equinor are expected to lead in blue hydrogen capacity by 2030.

Middle East developments

As for the Middle East, DNV forecasts that region is on track to become the biggest hydrogen exporter by 2060 — not only sustaining its share of global hydrocarbon supply but potentially expanding it. By 2060, the Gulf Cooperation Council (GCC) is projected to produce 19 million tonnes of hydrogen annually, alongside significant growth in ammonia exports, DNV’s Oil & Gas Decarbonisation in the Gulf Region report says. Integrating hydrogen production with CCUS, renewables and existing industrial clusters will enable “cost-competitive pathways” that support decarbonisation across domestic and international value chains, DNV adds.

Currently, hydrogen demand in the GCC is driven almost entirely by its role as an industrial feedstock, but it is now evolving to a strategic energy carrier. Despite this transformation, hydrogen and its derivatives are projected to contribute just 3.1% of the region’s total final energy consumption by 2060 – well below the global average of 6%, according to DNV, reflecting both the region’s slower initial update of hydrogen and its abundant low-cost fossil fuel resources.

See more on DNV’s Oil & Gas Decarbonisation in the Gulf Region report in the latest issue of Oil Review Middle East here