Italian energy contractor Saipem has agreed to sell its shallow-water offshore drilling business in Saudi Arabia in a deal worth $285 million, the company said on Wednesday.
The move marks a further step in Saipem’s strategy of focusing its offshore drilling portfolio on deepwater and harsh-environment activities, strengthening its position in higher-value-added segments.
Saipem signed the binding agreement with ADES Saudi, a subsidiary of ADES Holding Company, for the sale of its entire stake in Saudi Arabian Saipem (SAS).
SAS operates in shallow-water offshore drilling and has a fleet of three owned jack-up rigs — Perro Negro 7, Perro Negro 8 and Perro Negro 10 — and two leased jack-up rigs, Perro Negro 11 and Perro Negro 13.
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.
SAS recorded revenues of $170 million in 2025, Saipem said.
The transaction is expected to close by the third quarter of 2026, subject to customary conditions, including regulatory approvals.
(Reporting by Francesca Landini, editing by Gavin Jones)
