ADES acquires five Saipem jackups in Saudi Arabia deal

Saipem signed a binding sale and purchase agreement (SPA) with ADES Saudi, an indirect subsidiary of ADES, for the sale of its entire interest in Saudi Arabian Saipem (SAS), a shallow-water offshore drilling entity whose fleet comprises five jackups.

The fleet includes three owned rigs, Perro Negro 7, Perro Negro 8 and Perro Negro 10; and two leased units, Perro Negro 11 and Perro Negro 13. Four of the five rigs are currently operating in Saudi Arabia. The fifth, Perro Negro 10, is under an existing lease contract in Mexico.

Once the acquisition is complete, ADES will operate a fleet of 88 offshore jackups, of which 51 are premium units, along with one jackup barge and one mobile offshore production unit. The company currently also operates 40 onshore rigs.