The acquisition will add five jack-up drilling rigs to ADES’ fleet and increase its backlog by approximately SAR 3.8 billion
ADES Holding Co. said its wholly owned indirect subsidiary, ADES Saudi Ltd., signed a binding agreement on June 24 to acquire Saudi Arabian Saipem Ltd. (SAS), a subsidiary of Saipem International B.V., for SAR 1.07 billion ($285 million), subject to customary adjustment mechanisms. 
The transaction comprises the acquisition of five operating jack-up drilling rigs, including three owned rigs—Perro Negro 7, Perro Negro 8, and Perro Negro 10—and two leased rigs, Perro Negro 11 and Perro Negro 13.
Four of the rigs are currently operating in Saudi Arabia, while the fifth is operating in Mexico under an existing lease contract.
The transaction terms include a 10% upfront payment to be deposited into an escrow account within no more than five business days from the signing date of the sale and purchase agreement (SPA), in addition to obtaining regulatory approvals.
ADES expects to finance the transaction through cash and existing financing facilities.
Financial data for the asset subject to the transaction over the last three years
Year
Revenue (SAR mln)
2023
870.45
2024
794.56
2025
635.79
The transaction strengthens ADES’ position as a national champion in the drilling sector within its core Saudi Arabian market, while further enhancing the group’s global jack-up drilling platform. The deal is fully aligned with ADES’ disciplined, non-speculative expansion strategy, which focuses on acquiring high-quality assets backed by existing contracts, ensuring immediate contribution to revenue, cash flows, and long-term backlog visibility.
The acquisition adds approximately SAR 3.8 billion ($1 billion) to ADES’ backlog. It further expands ADES’ offshore fleet through the addition of three premium owned jack-up rigs and two premium leased jack-up rigs, enhancing both fleet scale and quality while improving the long-term visibility and sustainability of the company’s revenue streams.
SAS owns three premium jack-up rigs — Perro Negro 7, Perro Negro 8, and Perro Negro 10. Perro Negro 10 is currently operating in Mexico under an existing lease contract. The company also operates two leased rigs, Perro Negro 11 and Perro Negro 13. Historical revenue figures are not indicative of expected future financial performance.
The transaction is expected to be completed Q3 2026, subject to fulfilling customary closing conditions and the receipt of relevant regulatory approvals.
The acquisition will add five jack-up drilling rigs to ADES’ fleet and increase its backlog by approximately SAR 3.8 billion
ADES Holding Co. said its wholly owned indirect subsidiary, ADES Saudi Ltd., signed a binding agreement on June 24 to acquire Saudi Arabian Saipem Ltd. (SAS), a subsidiary of Saipem International B.V., for SAR 1.07 billion ($285 million), subject to customary adjustment mechanisms.
The transaction comprises the acquisition of five operating jack-up drilling rigs, including three owned rigs—Perro Negro 7, Perro Negro 8, and Perro Negro 10—and two leased rigs, Perro Negro 11 and Perro Negro 13.
Four of the rigs are currently operating in Saudi Arabia, while the fifth is operating in Mexico under an existing lease contract.
The transaction terms include a 10% upfront payment to be deposited into an escrow account within no more than five business days from the signing date of the sale and purchase agreement (SPA), in addition to obtaining regulatory approvals.
ADES expects to finance the transaction through cash and existing financing facilities.
Financial data for the asset subject to the transaction over the last three years
Year
Revenue (SAR mln)
2023
870.45
2024
794.56
2025
635.79
The transaction strengthens ADES’ position as a national champion in the drilling sector within its core Saudi Arabian market, while further enhancing the group’s global jack-up drilling platform. The deal is fully aligned with ADES’ disciplined, non-speculative expansion strategy, which focuses on acquiring high-quality assets backed by existing contracts, ensuring immediate contribution to revenue, cash flows, and long-term backlog visibility.
The acquisition adds approximately SAR 3.8 billion ($1 billion) to ADES’ backlog. It further expands ADES’ offshore fleet through the addition of three premium owned jack-up rigs and two premium leased jack-up rigs, enhancing both fleet scale and quality while improving the long-term visibility and sustainability of the company’s revenue streams.
SAS owns three premium jack-up rigs — Perro Negro 7, Perro Negro 8, and Perro Negro 10. Perro Negro 10 is currently operating in Mexico under an existing lease contract. The company also operates two leased rigs, Perro Negro 11 and Perro Negro 13. Historical revenue figures are not indicative of expected future financial performance.
The transaction is expected to be completed Q3 2026, subject to fulfilling customary closing conditions and the receipt of relevant regulatory approvals.
