Saipem has completed the sale of its entire shareholding in Saudi Arabian Saipem Limited to ADES Saudi Limited Company, an indirect subsidiary of ADES Holding Company.

The transaction was first announced on 24 June 2026 and was completed after the required regulatory approvals were obtained and customary closing conditions were met.

Saudi Arabian Saipem Limited operates in the shallow-water offshore drilling segment in Saudi Arabia. The company owns three jack-up rigs, Perro Negro 7, Perro Negro 8 and Perro Negro 10, and has two additional jack-up units, Perro Negro 11 and Perro Negro 13, under lease.

As part of the transaction, Saipem and ADES also entered into a bareboat charter agreement for Perro Negro 10. The agreement allows Saipem to continue using the rig for ongoing operations in Mexico and to meet its contractual commitments to clients.

Saipem said the divestment forms part of its strategy to focus its offshore drilling portfolio on deepwater and harsh-environment operations.