Saipem sells its Saudi drilling business to Addis for $285 million

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MILAN, June 24 (Reuters) - Italian engineering and drilling company Saipem said on Wednesday it had agreed to sell its shallow-water offshore drilling business in Saudi Arabia in a deal worth $285 million.

This deal represents a further step in Saipem’s strategy to focus its offshore drilling activity on deep water and harsh environments, thereby strengthening its position in the highest value-added sectors.

  • Saipem has signed a binding agreement with ADES Saudi Arabia Limited, a subsidiary of ADES Holdings, to sell its entire stake in Saipem Saudi Arabia Limited.

  • Saipem Saudi Arabia Limited operates in the field of shallow-water offshore drilling, and has a fleet comprising three owned drilling rigs, namely Peru Negro 7, Peru Negro 8 and Peru Negro 10, in addition to two chartered rigs, Peru Negro 11 and Peru Negro 13.

  • The two parties will enter into an agreement to lease unmanned vessels, allowing Saipem to continue its ongoing operations in Mexico using the Peru Negro 10 platform.

  • Saipem reported that Saipem Saudi Arabia recorded revenues of $170 million in 2025.

  • The deal is expected to be completed by the third quarter of 2026, subject to customary conditions, such as obtaining regulatory approvals.


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