Saudi Arabian Saipem Limited (SAS) is a Saudi company engaged in shallow-water offshore drilling operations. Headquartered in Dhahran, it operates a fleet of five jack-up rigs, comprising three owned units (Perro Negro 7, Perro Negro 8, Perro Negro 10) and two leased units (Perro Negro 11, Perro Negro 13).
SAS is currently a subsidiary of Saipem. In 2025, it recorded revenues of SAR 636 million (USD 170 million).
In June 2026, Saipem signed a binding agreement to sell its entire shareholding in SAS to ADES Saudi Limited Company for USD 285 million on a debt-free, cash-free basis. Completion is expected in the third quarter of 2026, subject to regulatory approvals.
Also known as Saudi Arabian Saipem Company Limited.
Deal covers five jack-up rigs; SAS posted 2025 revenues of SAR 636m (USD 170m). Buyer will bareboat-charter one rig back; closing targeted by Q3 2026 subject to approvals.
