ADES Holding Company has signed an agreement to acquire Saipem’s Saudi Arabia-focused jackup fleet in a transaction valued at $285 million.
The deal will see ADES Saudi Limited Company, an indirect subsidiary of ADES, acquire Saudi Arabian Saipem Limited, a subsidiary of Saipem.
The purchase price remains subject to customary closing adjustments. ADES expects to fund the acquisition through existing liquidity and available financing commitments. Closing is expected in Q3 2026, subject to conditions and regulatory approvals.
The transaction covers three Saipem-owned jackups: the 375-ft Baker Marine Pacific Class 375 Perro Negro 7, the 350-ft GustoMSC CJ46 Perro Negro 8 and the 375-ft GustoMSC CJ46 Perro Negro 10.
ADES will also take over the 400-ft F&G JU-2000E Perro Negro 11 and Perro Negro 13, which are owned by Chinese shipbuilder CIMC and currently leased to Saipem.
Perro Negro 10 is currently operating for Eni offshore Mexico, while retaining a Saudi Aramco contract that was suspended in 2024. The other four units are in Saudi Arabia under contract with Saudi Aramco.
After the transaction closes, Saipem and ADES will enter into a bareboat charter arrangement allowing Saipem to continue current Mexico operations with Perro Negro 10 and meet existing commitments.
Saipem said the divestment supports its strategy to focus its drilling portfolio on deepwater and harsh-environment offshore operations. The company will retain Perro Negro 4, which is working for Petrobel offshore Egypt into 2027, as well as its semisubmersibles and drillships.
Following the acquisition, ADES expects to operate 88 offshore units and 40 onshore units.
The deal adds to a series of fleet expansion moves by ADES, which acquired Shelf Drilling in 2025 and added jackups from Noble, Vantage Drilling, Aban Offshore, Valaris, Seadrill and others between 2021 and 2024.
ADES said it is positioned to respond to sustained customer demand. The company also noted that easing regional tensions in the Middle East are expected to support the return of previously suspended rigs in the GCC.
It added that the resumption of suspended rigs in Qatar and the expected return of rigs in Saudi Arabia should improve market visibility and support positive market fundamentals.
