Back to overview Home Fossil Energy Saipem exits Saudi Arabian shallow-water drilling playground with sale of jack-up rig fleet to ADES Saipem exits Saudi Arabian shallow-water drilling playground with sale of jack-up rig fleet to ADES Business & Finance June 24, 2026, by Melisa Cavcic Share this article Italy’s engineering, drilling, and construction services giant Saipem is divesting its shareholding in Saudi Arabian Saipem (SAS) to close its shallow water drilling chapter in Saudi Arabia, as it continues its shift to deepwater plays. This move enables ADES Holding Company, part of Saudi Arabia-headquartered ADES Group, to bring the Italian giant’s affected jack-up rigs into its fold, enlarging its rig fleet. Gulf Driller VII or Perro Negro 11; Source: CIMC Raffles Saipem has disclosed a binding sale and purchase agreement (SPA) with ADES Saudi Limited Company, an indirect subsidiary of ADES, for the sale of the entire interest held through its subsidiary Saipem International in SAS, a company active in shallow-water offshore drilling operations. As a result, ADES will enrich its fleet with Saudi Arabian Saipem’s fleet that comprises three owned jack-up rigs, including Perro Negro 7 , Perro Negro 8 , Perro Negro 10 , and two leased jack-up rigs, encompassing Perro Negro 11 and Perro Negro 13 . The completion of the transaction is expected by the third quarter of 2026, subject to the satisfaction of customary conditions precedent, including obtaining applicable regulatory approvals. Dr. Mohamed Farouk , CEO of ADES Holding, commented: “The addition of five, high-specification premium jack-ups, with an average fleet age of 10.4 years, further enhances our premium asset base and supports earnings visibility, strong cash flow generation and long-term value creation. The transaction reflects ADES’ ability to execute strategically and decisively against an improving regional backdrop, with easing tensions and the recent return of a number of previously suspended rig