BAKU, Azerbaijan, September 15. Italian energy services company Saipem has completed the sale of its entire stake in Saudi Arabian Saipem Limited.
The company said its asset was acquired by ADES Saudi Limited Company, an indirect subsidiary of ADES Holding Company, an international provider of offshore and onshore drilling services.
The transaction, initially announced on June 24, 2026, was finalized after receiving all required regulatory approvals and fulfilling the customary conditions precedent.
"With the completion of the transaction, Saipem further advances the implementation of its strategy aimed at focusing its portfolio on deepwater and harsh-environment offshore drilling segments, characterized by higher-complexity and added value," Saipem said.
Saudi Arabian Saipem Limited operates in the shallow-water offshore drilling sector and owns three jack-up rigs — Perro Negro 7, Perro Negro 8 and Perro Negro 10. The company also operates two leased jack-up rigs, Perro Negro 11 and Perro Negro 13.
Following the completion of the transaction, Saipem and ADES signed a bareboat charter agreement allowing Saipem to continue using the Perro Negro 10 jack-up rig in its ongoing operations in Mexico.
According to Saipem, the agreement will ensure full operational continuity and allow the company to meet its contractual commitments to clients.
Saipem has maintained a long-standing presence in Saudi Arabia and continues to expand its offshore activities under its existing Long-Term Agreement with Saudi Aramco.
In February 2026, the company secured an offshore contract worth approximately $500 million for the Engineering, Procurement, Construction and Installation (EPCI) of a 48-inch trunkline at the Safaniya oil field, including around 65 km of offshore and 12 km of onshore pipeline, as well as associated subsea facilities.
In April 2026, Saipem was awarded two additional offshore contracts at Safaniya under the same agreement. The projects cover water injection infrastructure, including platforms, wellheads, pipelines, cables and associated subsea facilities.
Saipem said the contracts reinforce its presence in the Kingdom and further strengthen its long-standing relationship with Aramco. Offshore activities are being carried out using Saipem’s construction vessels deployed in the region, while fabrication work is being undertaken at its Saipem Taqa Al-Rushaid Fabricators Co. Ltd. facility in Dammam, supporting the development of local industrial capabilities.
The Safaniya field, where all three contracts are being implemented, is one of the world’s largest offshore oil fields.
