Riyadh - Mubasher: ADES Holding Company announced that its indirectly owned subsidiary, ADES Saudi Limited Company, has entered into a binding sale and purchase agreement to acquire Saudi Arabian Saipem Limited for $285 million (SAR 1.07 billion).
The strategic acquisition includes a fleet of five premium jackup rigs and is expected to add approximately SAR 3.80 billion ($1 billion) to the group’s existing backlog.
The transaction, which remains subject to customary regulatory approvals, marks a significant expansion of ADES’s offshore capabilities within its core Saudi Arabian market and internationally.
The acquisition involves the purchase of all issued and outstanding shares of Saudi Arabian Saipem Limited from Saipem International B.V., a subsidiary of Saipem S.p.A.
The asset portfolio consists of three owned premium jackup rigs—Perro Negro 7, Perro Negro 8, and Perro Negro 10—alongside two leased premium jackups, Perro Negro 11 and Perro Negro 13.
Currently, four of these units are operational in Saudi Arabia, while Perro Negro 10 is operating in Mexico under an existing charter agreement while maintaining a valid contract in the Kingdom.
Under the terms of the agreement, ADES is required to pay a 10% deposit into an escrow account within five business days of the signing date. The final purchase price of $285 million is subject to standard closing adjustments. ADES intends to fund the transaction through a combination of its existing cash reserves and available credit facilities.
The deal is projected to close during the third quarter (Q3) of 2026, contingent upon the fulfillment of closing conditions and the receipt of necessary regulatory clearances.
The acquisition is a central component of ADES’s strategy to strengthen its position as a national champion in the drilling sector.
Management noted that the move aligns with the group’s disciplined expansion approach, focusing on high-quality assets with active contracts that provide immediate revenue contribution and cash flow visibility.
The acquired rigs have an average fleet age of 10.4 years, which complements the technical specifications of ADES’s current fleet and allows for seamless operational integration with minimal risk.
From a financial perspective, the company disclosed the historical revenue performance of the target entity, reporting SAR 870.40 million in 2023, SAR 794.6 million in 2024, and SAR 635.8 million in 2025. However, the group clarified that these historical figures are not necessarily indicative of future financial performance following the integration.
Upon the successful completion of the deal, ADES’s total global fleet will expand to 128 units. This total will comprise 88 offshore units—including 51 premium jackups—and 40 onshore rigs. The group currently operates across 20 countries and employs more than 11,000 personnel.
