Saipem SpA said Wednesday it had signed an agreement to sell a subsidiary in Saudi Arabia operating shallow-water drillers to ADES Holding Co for $285 million.
Saudi Arabian Saipem Ltd has 3 owned jack-up rigs (Perro Negro 7, Perro Negro 8 and Perro Negro 10) and 2 leased jack-up rigs (Perro Negro 11 and Perro Negro 13).
“Upon completion of the transaction, the parties will enter into a bareboat charter agreement that will allow Saipem to continue its ongoing operations in Mexico with the Perro Negro 10 rig and to ensure full compliance with its existing commitments”, Italy-based Saipem said in a press release.
The parties expect to complete the transaction in the third quarter, subject to regulatory approvals and other customary conditions.
“The transaction represents a further step in the implementation of Saipem’s strategy aimed at focusing its portfolio on deepwater and harsh-environment offshore drilling, strengthening the Group’s positioning in higher-complexity, higher-value-added segments”, Saipem said.
Saipem is completing a merger with Subsea7 SA to form Saipem7, as announced July 24, 2025.
Subsea7 shareholders would receive 6.688 Saipem shares for each Subsea7 share. The combined company’s share capital would be equally divided between the shareholders of Saipem and Luxembourg-registered Subsea7.
As the biggest shareholders of Saipem, Eni SpA and CDP Equity SpA would respectively own about 10.6 percent and 6.4 percent of the resulting company. Siem Industries SA, Subsea7’s top shareholder, would own around 11.8 percent, the merger companies said.
The parties expect to complete the merger in the second half of 2026.
Saipem7 would inherit projects in over 60 countries and operate “a full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimize project scheduling for clients in oil, gas, carbon capture and renewable energy”, the companies said.
Saipem7 would have more than 60 construction vessels able to perform “shallow-water to ultra-deepwater operations, utilizing a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services, as well as market-leading wind turbine, foundations and cable lay installation capabilities”.
It would be supported by a global workforce of approximately 44,000 people including over 9,000 engineers and project managers, the companies said.