en.Wedoany.com Reported - Saudi Arabian oil and gas drilling services provider ADES Holding has acquired Saudi Arabia Saipem for SAR 1.07 billion (approximately $285 million), expanding its offshore drilling fleet.
Saudi Arabia Saipem, a subsidiary of Italian contractor Saipem Group, holds drilling rig assets and manages the latter's shallow-water drilling operations in Saudi Arabia. The acquisition was executed by ADES Saudi, an indirectly held subsidiary of ADES. The transaction involves five operating premium jack-up rigs, of which Perro Negro 7, Perro Negro 8, and Perro Negro 10 are owned assets, while the other two, Perro Negro 11 and Perro Negro 13, are leased platforms. Currently, four of these five rigs are operating in Saudi Arabia, with Perro Negro 10 under a charter contract in Mexico but retaining a valid contract in Saudi Arabia.
Saipem plans to use the proceeds from the sale to support the achievement of its industrial plan targets. This divestiture is part of Saipem's strategy to focus its business portfolio on deepwater and harsh-environment offshore drilling, aiming to consolidate its market position in areas of higher complexity and added value. Upon completion of the transaction, the parties will enter into a bareboat charter agreement, ensuring Saipem can continue using the Perro Negro 10 rig in Mexico to complete existing operations and fulfill all contractual obligations. Following the acquisition, ADES' offshore drilling fleet will expand to 88 rigs, with 51 classified as premium platforms. Including onshore assets, the group's total fleet will reach 128 rigs, comprising 88 offshore and 40 onshore platforms. As of the signing date, the estimated backlog value of this acquisition is approximately SAR 3.8 billion. ADES will fund the transaction using existing liquidity and available financing commitments.
ADES CEO Mohamed Farouk stated that this acquisition is a significant step in the company's growth journey, helping to further expand its global offshore jack-up drilling fleet. The five newly added high-specification premium jack-up rigs, with an average age of 10.4 years, will optimize the company's premium asset structure and support profitability, cash flow generation, and long-term value creation. The transaction will also help ADES enter the Mexican market, aligning with its strategy of acquiring contracted assets to generate immediate revenue and long-term backlog. The deal is subject to regulatory approvals and other customary conditions, with completion expected in the third quarter of 2026. By the end of 2025, ADES had already completed its previously announced acquisition of Shelf Drilling.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
