Saipem is exiting Saudi shallow-water drilling in a $285m cash sale to ADES, handing over a five-rig jack-up business as it pushes its offshore drilling portfolio deeper into higher-complexity work, according to Saipem.
The Italian contractor has signed a legally binding sale and purchase agreement with ADES Saudi Limited Company, an indirect subsidiary of ADES Holding Company, for the sale of its entire shareholding in Saudi Arabian Saipem Limited.
The stake is held through Saipem International B.V. Saudi Arabian Saipem Limited operates three owned jack-up rigs — Perro Negro 7, Perro Negro 8 and Perro Negro 10 — and two leased units, Perro Negro 11 and Perro Negro 13.
The business generated SAR 636m ($170m) in revenue in full-year 2025. The transaction is priced on a debt-free, cash-free basis and will be paid in cash at closing, subject to customary adjustments.
Saipem said the proceeds will be used in line with its industrial plan. The deal does not mark a full operational break.
After completion, the parties will enter into a bareboat charter agreement allowing Saipem to continue its existing work in Mexico with the Perro Negro 10 and meet current commitments. Saipem expects completion by the third quarter of 2026, subject to customary conditions precedent, including applicable regulatory approvals.
Moelis & Company UK LLP is acting as financial adviser to Saipem, while Clifford Chance and AS&H Clifford Chance are serving as legal counsel.
Saipem is an Italian engineering, construction and offshore services company working across energy and infrastructure projects through business lines including Asset Based Services, Drilling and Sonsub, Energy Carriers, Offshore Wind and Sustainable Infrastructures.
ADES Saudi Limited Company is the purchasing entity under the agreement and is an indirect subsidiary of ADES Holding Company.
