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Saipem to Sell Saudi Arabian Saipem Stake to Ades Holding Unit for $285 Million

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Saipem (SPM.MI) said Wednesday it agreed to sell its stake in offshore drilling operator Saudi Arabian Saipem to drilling services provider Ades Holding (SASE:2382) unit Ades Saudi for $285 million.

The deal includes five operational premium jack-up rigs, with four currently operating in Saudi Arabia and one in Mexico. Closing is expected by the third quarter, subject to customary requirements and regulatory approvals.

Italian engineering and construction group Saipem plans to enter a bareboat charter deal with Ades to continue the operations of the Perro Negro 10 rig in Mexico following deal completion.

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