Saipem to sell Saudi shallow-water drilling business to ADES for $285 mln
Saipem to sell Saudi shallow-water drilling business to ADES for $285 mln MILAN, June 24 (Reuters) - Italian energy contractor Saipem SPMI.MI has agreed to sell its shallow-water offshore drilling business in Saudi Arabia in a deal worth $285 million, the company said on Wednesday.
The move marks a further step in Saipem's strategy of focusing its offshore drilling portfolio on deepwater and harsh-environment activities, strengthening its position in higher-value-added segments.
Saipem signed the binding agreement with ADES Saudi Limited Company, a subsidiary of ADES Holding Company, for the sale of its entire stake in Saudi Arabian Saipem Limited (SAS).
SAS operates in shallow-water offshore drilling and has a fleet of 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.
The parties will enter into a bareboat charter agreement that will allow Saipem to continue its ongoing operations in Mexico with the Perro Negro 10 rig.
SAS recorded revenues of $170 million in 2025, Saipem said.
The transaction is expected to close by the third quarter of 2026, subject to customary conditions, including regulatory approvals.
(Reporting by Francesca Landini, editing by Gavin Jones)
((francesca.landini@thomsonreuters.com; +39 02 66129437; Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))
Recent news on Saipem SpA
See all newsItaly - Factors to watch on November 5
Brazil approves merger of energy contractors Saipem and Subsea7 (updated)
Brazil's CADE approves Saipem's merger with Subsea7
Brief: Saipem Says Brazil's Cade Approves Saipem, Subsea7 Combination To Create Saipem7
Oil services firms face major cost pressure from Iran crisis, execs say