Saipem sells its shallow-water offshore drilling business in Saudi Arabia to ADES for $285 million

Type: Sale · Technology: Oil Gas · Country: Saudi Arabia · Value: $285M · Announced: 2026-06-24

Saipem has signed a binding sale and purchase agreement with ADES Saudi Limited Company to transfer its shallow-water offshore drilling business in Saudi Arabia for $285 million. The assets includes Saudi Arabian Saipem Limited (SAS), which operates three owned jack-up rigs (Perro Negro 7, 8, 10) and two leased rigs (Perro Negro 11, 13) serving shallow-water fields. The transaction is slated to close in the third quarter of 2026, subject to customary conditions precedent and regulatory approvals. By divesting the shallow-water portfolio, Saipem will sharpen its focus on deep-water and harsh-environment offshore drilling, aligning with its industrial plan. ADES, an international drilling operator, will expand its presence in the Saudi market, adding the jack-up fleet to its existing capabilities. Moelis & Company UK LLP acted as financial advisor to Saipem, while Clifford Chance and AS&H Clifford Chance provided legal counsel on the sale.

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