ADES Expands Offshore Fleet with $285mn Acquisition of Rigs from Saipem

ADES Holding Company (ADES), one of the world’s leading oil and gas drilling services providers, has entered into a definitive agreement through its subsidiary, ADES Saudi Limited Company, to acquire Saudi Arabian Saipem Limited, a subsidiary of Saipem International BV, for a total consideration of USD 285 million.

The acquisition includes a fleet of five premium high-specification offshore jackup rigs, further strengthening ADES’ position as the leading offshore drilling contractor in Saudi Arabia and reinforcing its status as a global leader in the jackup drilling market.

Under the transaction, ADES will acquire ownership of three premium jackup rigs — Perro Negro 7, Perro Negro 8, and Perro Negro 10 — together with operational control of two leased premium jackups, Perro Negro 11 and Perro Negro 13. Four of the rigs are currently operating in Saudi Arabia, while Perro Negro 10 is operating in Mexico under a charter arrangement and retains a valid drilling contract in the Kingdom.

The acquired assets are backed by an existing contract backlog of approximately SAR 3.8 billion (USD 1 billion) as of the signing date, providing immediate revenue visibility and long-term cash flow generation for the Group.

Following completion of the acquisition, ADES’ total fleet will increase to 128 drilling units, comprising 88 offshore units, including 51 premium jackups, and 40 onshore rigs. The expanded fleet will further enhance the company’s ability to meet growing offshore drilling demand across key energy markets.

ADES stated that the transaction aligns with its disciplined growth strategy focused on acquiring high-quality contracted assets that generate immediate earnings and strengthen long-term operational capabilities. The company added that the acquired rigs are highly complementary to its existing offshore fleet, allowing for efficient integration through its established operational platform in Saudi Arabia.

The acquisition comes as offshore drilling activity in the GCC continues to show signs of recovery, supported by improving market fundamentals and the gradual return of previously suspended drilling rigs in the region. ADES expects the transaction to further strengthen its competitive position and enhance its ability to capitalize on future offshore development opportunities.

The transaction remains subject to customary closing conditions and regulatory approvals.