ADES Holding, a Saudi Arabia-based oil and gas drilling services provider, has signed a deal worth SR1.07bn ($285m) to acquire Saudi Arabian Saipem in a move to expand its offshore fleet.
Saudi Arabian Saipem is a rig-owning entity and a subsidiary of the broader Saipem group
It represents the Italian contractor’s shallow-water drilling activities in Saudi Arabia. The transaction has been executed through ADES’ indirectly owned subsidiary, ADES Saudi. The acquisition includes five operational premium jackups, of which three are owned units, namely Perro Negro 7, Perro Negro 8 and Perro Negro 10.
The remaining two – Perro Negro 11 and Perro Negro 13 – are leased units. Currently, four of these rigs are operating in Saudi Arabia. Perro Negro 10 is operating under a charter in Mexico but retains a valid contract in Saudi Arabia.