Transaction
Saipem has agreed to sell its Saudi Arabian subsidiary’s shallow-water drilling operations to ADES Holding subsidiary ADES Saudi for $285 million.
The transaction, expected to be completed this summer pending regulatory approvals, covers a fleet comprising three owned jackup rigs (Perro Negro 7, Perro Negro 8, and Perro Negro 10) as well as two leased jackups (Perro Negro 11 and Perro Negro 1).
The combined revenues totaled about $170 million in 2025.
Upon completion, a bareboat charter agreement will take effect that enables Saipem to continue current operations with the Perro Negro 10 offshore Mexico and to comply with its existing commitments.
Saipem said its strategy was to focus more on deepwater and harsh-environment offshore drilling.
