Staff Writer

ADES Holding Company said its wholly owned indirect subsidiary has signed a binding agreement to acquire Saudi Arabian Saipem (SAS), a subsidiary of Italy's Saipem International, for $285 million.
 
ADES Saudi will acquire five operating jack-up drilling rigs, including three owned rigs and two leased rigs, the company said in a statement to the Saudi stock exchange.

Four of the rigs are currently operating in Saudi Arabia, while the fifth is operating in Mexico under an existing lease contract.
 
The transaction will be financed through cash and existing financing facilities, ADES said.
 
The acquisition adds nearly SAR 3.8 billion ($1.01 billion) to ADES' backlog and will strengthen its position as a national champion in the drilling sector within Saudi Arabia, the statement added.

The transaction is expected to be completed in the third quarter of 2026, subject to regulatory approvals.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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