ADES Holding, a Saudi Arabia-based oil and gas drilling services provider, signed a deal valued at SR1.07bn ($285m) to acquire Saudi Arabian Saipem, a rig-owning entity and subsidiary of the broader Saipem group. The purchase is being executed through ADES’ indirectly owned subsidiary, ADES Saudi (also described as ADES Saudi Limited), and is expected to be funded through existing liquidity and available financing commitments. The transaction targets Saipem’s shallow-water drilling activities in Saudi Arabia, giving ADES a direct expansion path in offshore jackups while Saipem monetizes a unit tied to mature shallow-water work.
The acquired business operates a fleet of five operational premium jackups. Three are owned units—Perro Negro 7, Perro Negro 8, and Perro Negro 10—while Perro Negro 11 and Perro Negro 13 are leased units. At the time of the announcements, four rigs were operating in Saudi Arabia. Perro Negro 10 was operating under a charter in Mexico but retained a valid contract in Saudi Arabia. ADES said the five high-specification premium jackups have an average fleet age of 10.4 years, a detail it highlighted as supportive of earnings visibility, cash flow generation, and long-term value creation.
What Changes for ADES and Saipem After Closing
After the deal completes, ADES expects its offshore fleet to rise to 88 units, including 51 classed as premium units. Across all operations, ADES said its total fleet will comprise 128 units, split between 88 offshore and 40 onshore. As of the signing date, the acquisition carried an estimated backlog value of approximately SR3.8bn (also reported as SAR 3.8bn, or $1bn). The company positioned the purchase as aligned with its growth approach of acquiring contracted assets that can support immediate revenue contribution and longer-term backlog visibility, with integration framed as efficient given ADES’ established presence in Saudi Arabia.
For Saipem, the sale is described as another step in its strategy to concentrate its portfolio on deepwater and harsh-environment offshore drilling, emphasizing higher-complexity, higher value-added segments. Saipem said proceeds from the transaction will be used to support the objectives of its industrial plan. The agreement includes a post-completion bareboat charter arrangement that enables Saipem to continue current operations in Mexico using Perro Negro 10 and meet existing commitments in full. OilPrice also reported that the transaction is structured on a debt-free, cash-free basis and will be settled entirely in cash upon closing.
In practical terms, the ADES Saipem acquisition combines a Saudi offshore fleet expansion with a geographic opening into Mexico, because Perro Negro 10 is currently chartered there. Completion remains subject to regulatory approvals and other customary conditions, with closing expected in the third quarter of 2026. The scale of the unit being transferred was illustrated by a 2025 revenue figure: Saudi Arabian Saipem Limited generated 636 million Saudi riyals ($170 million) during 2025, according to OilPrice. ADES also referenced its broader consolidation path, noting it closed the previously announced all-cash acquisition of Shelf Drilling in late 2025.
What is the purchase price in the ADES–Saipem deal?
Which rigs are included in the transaction?
Where are the rigs operating today, including Mexico?
How does the ADES Saipem acquisition change ADES’s fleet and backlog?
When is the deal expected to close, and what conditions apply?
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