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FINWIRES

Saipem Sells Saudi Shallow-Water Drilling Business to ADES for $285 Million

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Italian oilfield services group Saipem said on Wednesday it had agreed to sell its shallow-water drilling business in Saudi Arabia to ADES for $285 million in cash.

The divestment of Saudi Arabian Saipem includes a fleet of three owned jack-up rigs, Perro Negro 7, 8, and 10, and two leased rigs, Perro Negro 11 and 13.

SAS reported revenues of about 636 million Saudi riyals ($170 million) for the full year 2025.

The deal, which is projected to close in Q3 pending regulatory approvals, is part of Saipem's broader strategic pivot to exit shallow-water operations to focus on the higher-margin deepwater and harsh-environment offshore drilling segments.

Under the terms of the agreement, Saipem will continue to operate the Perro Negro 10 rig in Mexico through a bareboat charter agreement following the transaction's completion to ensure the fulfillment of existing commitments.

The transaction value is on a debt-free/cash-free basis, subject to customary adjustments. Saipem said proceeds from the sale will be funneled toward the group's existing industrial plan objectives.

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