Ades Holding acquires Saipem Saudi Arabia for $285 million

Ades Holding has announced that its indirectly owned subsidiary, Ades Saudi Limited, has signed a share purchase agreement (SPA) to acquire all issued and outstanding shares of Saipem Saudi Arabia Limited. The acquisition includes three premium jack-up drilling rigs owned by Saipem Saudi Arabia and two additional premium jack-up rigs currently under lease, with a total transaction value of $285 million.

In a statement on the Saudi Exchange (Tadawul) today, the company said the total consideration for the deal amounts to approximately $285 million (1.07 billion riyals), subject to customary adjustments at closing.

Ades previously announced in June 2026 that it had signed an acquisition agreement with Saipem International BV to acquire Saipem Saudi Arabia Limited, which owns three premium jack-up drilling rigs and leases two additional premium rigs.

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