ADES Completes SR1.07bn Saipem Rig Acquisition

ADES Saudi Limited Company, an indirect subsidiary of ADES Holding Company, has completed the acquisition of all issued and outstanding shares of Saudi Arabian Saipem Limited (SAS), the company confirmed. The deal closed on 15 September 2026 for a total consideration of approximately SAR 1.07 billion (about USD 285 million) on a debt-free, cash-free basis, paid in cash at closing and subject to customary completion adjustments.

The acquired business comprises five operational premium jackup rigs. Three are owned — Perro Negro 7, Perro Negro 8 and Perro Negro 10 — while two are leased, Perro Negro 11 and Perro Negro 13. Four of the rigs are operating in Saudi Arabia, while Perro Negro 10 continues to operate in Mexico under an existing charter arrangement that remains in place after the transaction.

SAS recorded revenues of SAR 636 million (about USD 170 million) in 2025. The acquisition adds an estimated backlog of around SAR 3.7–3.8 billion tied to the rigs. Following completion, ADES' global fleet rises to 128 rigs, including 88 offshore jackups (51 of them premium), 40 onshore rigs, one jackup barge and one mobile offshore production unit.

Why it matters

The transaction strengthens the position of a major Saudi-based drilling operator in the local energy services market and adds significant long-term contracted work. A binding sale and purchase agreement was signed on 24 June 2026, with completion targeted for and achieved in the third quarter of 2026 after regulatory approvals and conditions precedent were met. The move reflects continued consolidation and growth within the Kingdom's energy sector, supporting local operations and employment in a key industry.

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