Saipem transferring shallow-water drilling fleet to ADES
Saipem has agreed to sell its Saudi Arabian subsidiary’s shallow-water drilling operations to ADES Holding subsidiary ADES Saudi for $285 million.
The transaction, expected to complete this summer pending regulatory approvals, covers a fleet comprising three owned jackup rigs (Perro Negro 7, Perro Negro 8 and Perro Negro 10) as well as two leased jackups (Perro Negro 11 and Perro Negro 1).
The combined revenues totaled about $170 million in 2025.
Upon completion, a bareboat charter agreement will take effect that enables Saipem to continue current operations with the Perro Negro 10 offshore Mexico and to comply with its existing commitments.
Saipem said its strategy was to focus more on deepwater and harsh-environment offshore drilling.
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About the Author
Jeremy Beckman
Editor, Europe
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.