Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTSalong DebbarmaWed, June 24, 2026 at 4:29 PM GMT+2 2 min readADES Holding, a Saudi Arabia-based oil and gas drilling services provider, has signed a deal worth SR1.07bn ($285m) to acquire Saudi Arabian Saipem in a move to expand its offshore fleet.Saudi Arabian Saipem is a rig-owning entity and a subsidiary of the broader Saipem group. It represents the Italian contractor’s shallow-water drilling activities in Saudi Arabia.The transaction has been executed through ADES’ indirectly owned subsidiary, ADES Saudi.The acquisition includes five operational premium jackups, of which three are owned units, namely Perro Negro 7, Perro Negro 8 and Perro Negro 10. The remaining two – Perro Negro 11 and Perro Negro 13 – are leased units.Currently, four of these rigs are operating in Saudi Arabia. Perro Negro 10 is operating under a charter in Mexico but retains a valid contract in Saudi Arabia.Saipem plans to use the proceeds from the sale to support the objectives of its industrial plan.The transaction marks another step in Saipem’s strategy to concentrate its portfolio on deepwater and harsh-environment offshore drilling, reinforcing the group’s position in higher-complexity, higher value-added segments.Once the transaction is completed, the parties will enter into a bareboat charter agreement, enabling Saipem to continue its current operations in Mexico with the Perro Negro 10 rig and meet its existing commitments in full.Post-acquisition, ADES’ offshore fleet will increase to 88 units, with 51 classed as premium units. Across all operations, the group’s total fleet will comprise 128 units, 88 offshore and 40 onshore.As of the signing date, the acquisition carries an estimated backlog value of approximately SR3.8bn. The transaction is due to be funded through ADES’ existing liquidity and available financing commitments.ADES CEO Mohamed Farouk said: “We are pleased to announce this strategic acquisition, which represents another milestone in ADES’ growth journey and further expanding our global offshore jackup fleet.“The addition of five, high-specification premium jackups, with an average fleet age of 10.4 years, further enhances our premium asset base and supports earnings visibility, strong cash flow generation and long-term value creation.”The acquisition will also mark ADES’ entry into Mexico and is intended to align with the company’s strategy of acquiring contracted assets to support immediate revenue and long-term backlog.Completion of the deal remains subject to regulatory approvals and other customary conditions, with closing expected in the third quarter of 2026.In late 2025, ADES closed the previously announced all-cash acquisition of Shelf Drilling.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info