Saipem has completed the sale of its full stake in Saudi Arabian Saipem Limited to ADES Saudi Limited Company, an indirect subsidiary of ADES Holding Company, Saipem said. The deal was announced on 24 June 2026 and closed after Saipem obtained the required regulatory approvals and met the other conditions attached to the transaction.
Saudi Arabian Saipem Limited works in shallow-water offshore drilling, part of the upstream oil and gas business that Saipem is stepping back from. The unit's fleet includes 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. ADES Holding Company operates in offshore and onshore drilling services worldwide.
Why Saipem is selling
Saipem said the sale moves its portfolio further toward deepwater and harsh-environment offshore drilling, segments it describes as more complex and higher in value than shallow-water work.
A rig stays in Mexico
Saipem and ADES also signed a bareboat charter covering the Perro Negro 10 rig. Saipem said the charter lets it keep using that rig for its ongoing operations in Mexico, keeping that work running and meeting its contractual commitments to clients there.
We reported that Saipem won a $1.8 billion Middle East offshore EPCI contract.
