BAKU, Azerbaijan, September 15. Italian energy
services company Saipem has completed the sale of its entire stake
in Saudi Arabian Saipem Limited.
The company said its asset was acquired by ADES Saudi Limited
Company, an indirect subsidiary of ADES Holding Company, an
international provider of offshore and onshore drilling
services.
The transaction, initially announced on June 24, 2026, was
finalized after receiving all required regulatory approvals and
fulfilling the customary conditions precedent.
“With the completion of the transaction, Saipem further advances
the implementation of its strategy aimed at focusing its portfolio
on deepwater and harsh-environment offshore drilling segments,
characterized by higher-complexity and added value,” Saipem
said.
Saudi Arabian Saipem Limited operates in the shallow-water
offshore drilling sector and owns three jack-up rigs — Perro Negro
7, Perro Negro 8 and Perro Negro 10. The company also operates two
leased jack-up rigs, Perro Negro 11 and Perro Negro 13.
Following the completion of the transaction, Saipem and ADES
signed a bareboat charter agreement allowing Saipem to continue
using the Perro Negro 10 jack-up rig in its ongoing operations in
Mexico.
According to Saipem, the agreement will ensure full operational
continuity and allow the company to meet its contractual
commitments to clients.
Saipem has maintained a long-standing presence in Saudi Arabia
and continues to expand its offshore activities under its existing
Long-Term Agreement with Saudi Aramco.
In February 2026, the company secured an offshore contract worth
approximately $500 million for the Engineering, Procurement,
Construction and Installation (EPCI) of a 48-inch trunkline at the
Safaniya oil field, including around 65 km of offshore and 12 km of
onshore pipeline, as well as associated subsea facilities.
In April 2026, Saipem was awarded two additional offshore
contracts at Safaniya under the same agreement. The projects cover
water injection infrastructure, including platforms, wellheads,
pipelines, cables and associated subsea facilities.
Saipem said the contracts reinforce its presence in the Kingdom
and further strengthen its long-standing relationship with Aramco.
Offshore activities are being carried out using Saipem’s
construction vessels deployed in the region, while fabrication work
is being undertaken at its Saipem Taqa Al-Rushaid Fabricators Co.
Ltd. facility in Dammam, supporting the development of local
industrial capabilities.
The Safaniya field, where all three contracts are being
implemented, is one of the world’s largest offshore oil fields.
