ADES acquires Saipem's Saudi drilling business in $285m deal
The deal adds five jackups, lifts ADES's fleet to 88 units and marks the driller's entry into Mexico.
Saudi oil and gas driller ADES has agreed to acquire Saipem's Saudi subsidiary, which owns five jackup rigs, in a $285m deal. The purchase — made through ADES's indirectly owned subsidiary ADES Saudi Limited, buying Saudi Arabian Saipem Limited — will be funded through existing liquidity and available financing commitments.
After the transaction, ADES will operate a fleet of 88 offshore units, 51 of them premium. The company said the deal fits its strategy of acquiring high-quality, contracted assets that support immediate revenue, cash flow and long-term backlog visibility. The acquired assets comprise three premium owned jackups — the Perro Negro 7, Perro Negro 8 and Perro Negro 10 — plus two premium leased jackups, the Perro Negro 11 and Perro Negro 13. The Perro Negro 10 operates in Mexico and will continue under a charter structure while retaining a valid contract in Saudi Arabia; the remaining rigs all work in Saudi Arabia.
"The acquired rigs are highly complementary to ADES' existing jackup fleet, enabling efficient integration with limited ramp-up risk, supported by the group's established presence in Saudi Arabia and operational track record," the company said. The deal is expected to close in the third quarter of 2026, subject to customary conditions and regulatory approvals, and adds about SAR 3.8bn ($1bn) to ADES's backlog.
"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. In addition to further strengthening our presence in Saudi Arabia, this transaction marks ADES' entry into Mexico, adding a new market to our international footprint and creating a platform for future growth opportunities in the region," said ADES CEO Mohamed Farouk.
