Saipem to sell Saudi shallow-water drilling business to ADES for $285 million

MILAN, June 24 (Reuters) - 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.

(Reporting by Francesca Landini, editing by Gavin Jones)