The value of the transaction amounts to USD 285 million on a debt-free/cash-free basis and will be paid in cash at closing, subject to customary adjustment mechanisms.
Completion of the transaction, indicatively expected by the third quarter of 2026, is subject to the satisfaction of customary conditions precedent, including the obtainment of applicable regulatory approvals.
SAS
- a company active in shallow-water offshore drilling operations,
- a fleet comprising:
- three owned jack-up rigs (Perro Negro 7, Perro Negro 8, Perro Negro 10),
- two leased jack-up rigs (Perro Negro 11 and Perro Negro 13).
The proceeds from the transaction will be used in line with the objectives of Saipem’s industrial plan.
Upon completion of the transaction, 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 and to ensure full compliance with its existing commitments.
The transaction represents a further step in the implementation of Saipem’s strategy aimed at focusing its portfolio on deepwater and harsh-environment offshore drilling, strengthening the Group’s positioning in higher-complexity, higher-value-added segments.
In connection with the transaction, Saipem is advised by Moelis & Company UK LLP, acting as financial advisor and by Clifford Chance, together with AS&H Clifford Chance, as legal counsel.
