Saipem closed the deal to sell its shallow-water offshore drilling business in Saudi Arabia

Moscow, September 15 – Neftegaz.RU. Saipem announces that it has completed the sale of its entire shareholding in Saudi Arabian Saipem Limited to ADES Saudi Limited Company, an indirect subsidiary of ADES Holding Company, an international operator active worldwide in offshore and onshore drilling services.

The transaction, announced on 24 June 2026, has been completed after obtaining all applicable regulatory approvals and after occurrence of all customary conditions precedent. With the completion of the transaction, Saipem further advances the implementation of its strategy aimed at focusing its portfolio on deepwater and harsh-environment offshore drilling segments, characterized by higher-complexity and added value.

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).

ADES, the new owner of SAS, which has acquired five new jack-up drilling rigs, now operates a fleet of 128 rigs, consisting of 88 offshore jack-up drilling rigs—including 51 premium-class rigs—and 40 onshore rigs.

SAS had previously been valued at USD 285 million. It was also noted that Moelis & Company UK LLP served as Saipem’s financial advisor, while Clifford Chance, in conjunction with AS&H Clifford Chance, served as legal advisors.

Upon completion of the transaction, Saipem and ADES also entered into a bareboat charter agreement that will allow Saipem to continue utilizing the Perro Negro 10 jack-up rig in its ongoing operations in Mexico, ensuring full operational continuity and compliance with its contractual commitments towards its clients.