ADES Acquires Saipem’s Saudi Jack-Up Fleet in $987 Million Deal
Italian engineering firm Saipem has divested its Saudi shallow-water drilling arm to ADES, transferring five premium rigs and nearly $1 billion in backlog.
Italian engineering, drilling, and construction services specialist Saipem has concluded the divestment of its shallow-water drilling operations in Saudi Arabia. The business has been sold to ADES Saudi Limited Company, an indirect operating subsidiary of Saudi Arabia-based ADES Holding Company.
Under the terms of the transaction, ADES takes control of five premium jack-up drilling rigs. The deal also transfers an estimated SAR 3.7 billion ($987 million) in associated contract backlog to the expanding drilling contractor.
The addition of the five units elevates ADES's global fleet to 128 offshore drilling assets. The acquisition serves to strengthen the buyer's established market presence in Saudi Arabia while simultaneously extending its offshore operating footprint into Mexico.
For Saipem, the transaction marks a strategic exit from the shallow-water drilling arena in the Kingdom as the Milan-headquartered contractor continues to reshape its core offshore portfolio.
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