Mohamed Farouk, CEO and Vice Chairman of ADES Holding, said the company expects to complete the acquisition of Saipem’s shallow-water drilling business in Saudi Arabia during Q3 2026.
The deal is subject to fulfilling customary regulatory and procedural conditions and obtaining the necessary approvals. 
Farouk told Argaam that the deal, valued at approximately $285 million and subject to customary closing adjustments, includes five operating jack-up offshore rigs, three of which are owned and two leased. This is in addition to a backlog associated with the rigs valued at approximately SAR 3.8 billion at the time the agreement was signed.
Mohamed Farouk, CEO and Vice Chairman of ADES Holding, said the company expects to complete the acquisition of Saipem’s shallow-water drilling business in Saudi Arabia during Q3 2026.
The deal is subject to fulfilling customary regulatory and procedural conditions and obtaining the necessary approvals.
Farouk told Argaam that the deal, valued at approximately $285 million and subject to customary closing adjustments, includes five operating jack-up offshore rigs, three of which are owned and two leased. This is in addition to a backlog associated with the rigs valued at approximately SAR 3.8 billion at the time the agreement was signed.
