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ADES completes $285m acquisition of Saipem Saudi drilling unit
Transaction adds five jack-up rigs and SAR 3.7bn backlog, expanding ADES fleet to 128 units across 21 countries.
ADES Holding Company completed its acquisition of Saudi Arabian Saipem Limited from Italy's Saipem for a total consideration of $285m, according to a 15 January 2025 announcement. The transaction, agreed in June 2024, transferred ownership of three jack-up rigs and two leased units operating in Saudi Arabia's shallow-water segment. ADES Saudi Limited Company, an indirect subsidiary of ADES Holding, acquired the entire shareholding after obtaining regulatory approvals and satisfying customary closing conditions.
Five jack-up rigs transferred with $987m backlog#
The acquired fleet comprises the Perro Negro 7, Perro Negro 8 and Perro Negro 10 owned units, plus the leased Perro Negro 11 and Perro Negro 13 rigs. The five jack-ups carry an average age of 10.4 years and add approximately SAR 3.7bn ($987m) in backlog as of the completion date. Four rigs remain deployed in Saudi Arabia under existing contracts. Saipem retained use of the Perro Negro 10 through a bareboat charter agreement for ongoing operations in Mexico, establishing ADES's first operating presence in that market.
ADES fleet expands to 128 units across 21 countries#
ADES now operates 128 rigs globally, comprising 88 offshore jack-ups including 51 premium units, and 40 onshore rigs. The acquisition extends the company's international footprint to 21 countries and increases its premium jack-up count in a market where contracted utilisation holds around 90 percent. Mohamed Farouk, CEO of ADES Holding, stated the transaction marks a disciplined step in the company's growth strategy, adding operational premium jack-ups backed by ADES's established Saudi presence and track record.
Saipem exits shallow water to focus on deepwater segments#
Saipem completed the divestment of its entire Saudi Arabian Saipem shareholding as part of a portfolio strategy targeting deepwater and harsh-environment offshore drilling segments. The Italian engineering and construction services firm characterises those segments as offering higher complexity and added value compared with shallow-water operations. The transaction follows Saipem's June 2024 announcement of the sale agreement and represents a full exit from Saudi shallow-water drilling activities. ADES received resumption notices for all temporarily suspended offshore rigs in the Gulf Cooperation Council region, reflecting sustained customer demand across the area.
Sources2 sources across 2 domains
- offshore-energy.bizOffshore EnergyTransaction value $285m, five rigs transferred, SAR 3.7bn backlog, average rig age 10.4 years, ADES fleet now 128 units, 90 percent jack-up utilisation, bareboat charter for Perro Negro 10
- splash247.comSplash247ADES Saudi Limited acquired Saudi Arabian Saipem Limited, three owned rigs and two leased units, transaction agreed June 2024, Saipem strategy focuses on deepwater segments
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