Saipem sells Saudi shallow-water drilling unit to ADES for $285m

Deal terms

Saipem has signed a binding sale and purchase agreement with ADES Saudi Limited Company for the divestment of its entire shareholding in Saudi Arabian Saipem Limited (SAS). The consideration is USD 285 million on a debt-free/cash-free basis, payable in cash at closing and subject to customary adjustment mechanisms.

Assets and recent performance

SAS operates a shallow-water offshore drilling fleet of five jack-up rigs: three owned units (Perro Negro 7, Perro Negro 8, Perro Negro 10) and two leased units (Perro Negro 11 and Perro Negro 13). In full year 2025 SAS recorded revenues of SAR 636 million (USD 170 million).

Post-closing arrangements

Upon completion, the parties will enter a bareboat charter agreement to allow Saipem to continue its ongoing operations in Mexico with the Perro Negro 10 rig and to ensure compliance with existing commitments.

Strategic rationale and timing

Saipem says the transaction is part of a strategy to focus its drilling portfolio on deepwater and harsh-environment offshore segments, targeting higher-complexity, higher-value-added activities. Completion is indicatively expected by the third quarter of 2026 and remains subject to customary conditions precedent, including applicable regulatory approvals.

Advisers

Saipem is advised by Moelis & Company UK LLP as financial adviser and by Clifford Chance together with AS&H Clifford Chance as legal counsel.