What is the value and strategic rationale of Saipem's sale of its Saudi shallow-water drilling business?

The sale is valued at $285 million and reflects Saipem's strategic decision to focus its offshore drilling portfolio on deepwater and harsh-environment activities, thereby strengthening its position in higher-value-added segments.

Which entity is acquiring Saipem's Saudi shallow-water drilling business, and what assets are included in the transaction?

ADES Saudi Limited Company, a subsidiary of ADES Holding Company, is acquiring Saipem's entire stake in Saudi Arabian Saipem Limited (SAS), which operates a fleet of three owned jack-up rigs — Perro Negro 7, Perro Negro 8, and Perro Negro 10 — and two leased jack-up rigs — Perro Negro 11 and Perro Negro 13.

Saipem to Sell Saudi Shallow-Water Drilling Business to ADES for $285 Million

Jun 24, 2026

Saipem agreed to sell its Saudi shallow-water offshore drilling business to ADES for $285 million, shifting strategy toward deepwater segments. The deal includes three owned jack-up rigs and expects closure by Q3 2026.

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Saipem to Sell Saudi Shallow-Water Drilling Business to ADES for $285 Million

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