Italian energy contractor Saipem, 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.
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