Saipem Divests Jack-Up Fleet to ADES in Saudi Drilling Exit

15 September 2026
Edited By: Haley McQueen

Saipem has completed the sale of its entire shareholding in Saudi Arabian Saipem Limited to ADES Saudi Limited Company, an indirect subsidiary of ADES Holding Company, an international operator active worldwide in offshore and onshore drilling services.

(Image credit: Saipem)

The transaction, announced on June 24, 2026, has been completed after obtaining all applicable regulatory approvals and after the occurrence of all customary conditions precedent. With the completion of the transaction, Saipem further advances the implementation of its strategy aimed at focusing its portfolio on deepwater and harsh-environment offshore drilling segments, characterized by higher complexity and added value.

Saudi Arabian Saipem Limited operates in the shallow-water offshore drilling segment and owns a fleet of three 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).

Upon completion of the transaction, Saipem and ADES also entered into a bareboat charter agreement that will allow Saipem to continue utilizing the Perro Negro 10 jack-up rig in its ongoing operations in Mexico, ensuring full operational continuity and compliance with its contractual commitments towards its clients.