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

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. The transaction advances Saipem's strategy of focusing its portfolio on deepwater and harsh-environment offshore drilling, characterised by higher complexity and added value. The sold unit operates in the shallow-water offshore drilling segment and owns a fleet of jack-up rigs, marking Saipem's exit from Saudi shallow-water drilling.

 

Details of the Transaction

 

Saipem has completed a divestment. It sold its shareholding in a subsidiary. This is Saudi Arabian Saipem Limited. The buyer is ADES Saudi Limited Company. This is a subsidiary of ADES Holding.

The transaction has been finalised. It was announced on 24 June 2026. It followed regulatory approvals. Customary conditions were also met. This completed the deal.

 

The Strategic Rationale

 

The divestment advances a clear strategy. Saipem is focusing its portfolio. It targets deepwater drilling. Harsh-environment offshore drilling is also a focus. These segments offer higher value.

The sold unit sits outside this focus. It operates in shallow-water drilling. This is a different segment. It has lower complexity. The sale sharpens Saipem's strategic focus.

 

The Assets Involved

 

The transaction covers specific assets. The unit owns a fleet of jack-up rigs. These include three owned rigs. Two leased rigs are also part of the unit. All operate in shallow water.

The rigs form a defined fleet. They carry the Perro Negro names. Three are owned outright. Two are leased jack-up rigs. Together they made up the sold unit's fleet.

 

Read More: https://oceaneconomist.com/articles/fulkrum-wins-inspection-contract-supporting-v-r-energi-subsea-projects

 

The Continuity Arrangement

 

The deal includes an operational arrangement. Saipem and ADES entered a charter agreement. This is a bareboat charter. It covers one specific rig. This is the Perro Negro 10.

This ensures operational continuity. Saipem will continue using the rig. This is for its Mexico operations. It maintains contractual commitments. This protects its client obligations.

 

Significance of the Divestment

 

The divestment reshapes Saipem's portfolio. It exits Saudi shallow-water drilling. This aligns with its strategy. It concentrates on higher-value segments. This sharpens its market focus.

The deal benefits both parties. ADES expands its drilling fleet. Saipem advances its strategic goals. The charter maintains continuity. This ensures a smooth transition for operations.