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ADES Completes $285mn Acquisition of Saipem’s Saudi Drilling Biz

ADES Holding Company, through its indirectly owned subsidiary ADES Saudi Limited Company, has completed the acquisition of Saudi Arabian Saipem Limited (SAS) from Saipem for a total consideration of USD 285 million, equivalent to approximately SAR 1.07 billion.

The transaction, originally announced in June 2026, has received all applicable regulatory approvals and satisfied the customary closing conditions. The acquisition strengthens ADES’ offshore drilling portfolio and expands its presence in Saudi Arabia’s shallow-water drilling market.

Under the transaction, ADES Saudi has acquired Saudi Arabian Saipem Limited, which operates a fleet of five jack-up drilling rigs, comprising three owned units and two leased units.

The acquired fleet includes the Perro Negro 7, Perro Negro 8 and Perro Negro 10 owned jack-up rigs, together with the Perro Negro 11 and Perro Negro 13 leased jack-up rigs. Four of the rigs are currently operating in Saudi Arabia, while one unit is operating in Mexico under an existing charter arrangement.

The acquisition expands ADES’ offshore drilling platform and reinforces its position as a leading drilling services provider in the Kingdom. The transaction also adds a significant operating fleet to ADES’ portfolio, supporting the company’s strategy of strengthening its presence in its home market and expanding its global offshore drilling capabilities.

As part of the transaction, Saipem and ADES have entered into a bareboat charter agreement for the Perro Negro 10 jack-up rig. The arrangement enables Saipem to continue utilizing the rig in its ongoing operations in Mexico, ensuring operational continuity and fulfillment of its existing contractual commitments.

The transaction also supports Saipem’s strategy to streamline its drilling portfolio and focus on deepwater and harsh-environment offshore drilling, which the company considers higher-complexity and higher-value-added segments.

The acquisition represents a major expansion of ADES’ offshore drilling footprint in Saudi Arabia and strengthens its fleet and operational capabilities across the regional and international offshore drilling market.

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