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.
ADES to acquire Saudi Arabian Saipem
SAS is active in shallow-water offshore drilling operations.
