ADES Saudi Limited
Indirectly owned ADES Holding subsidiary that signed the USD 285 million purchase of Saipem's Saudi jack-up drilling business in June 2026.
Industry: Oil and gas drilling services
About ADES Saudi Limited
ADES Saudi Limited Company is an indirectly owned subsidiary of ADES Holding, the Saudi-listed drilling services group. The sources read describe it only through its role in one transaction: it is the buyer in ADES's purchase of Saudi Arabian Saipem Limited.
On 24 June 2026 ADES Saudi Limited Company signed a binding sale and purchase agreement to acquire all the issued shares of Saudi Arabian Saipem Limited from Saipem International B.V., a subsidiary of Saipem, for USD 285 million, or SAR 1.07 billion. The agreement required a 10 percent deposit to be paid into escrow within five business days, and ADES said it would fund the purchase from existing cash reserves and available credit facilities.
The target owns three jack-up rigs, Perro Negro 7, 8 and 10, and leases two others, Perro Negro 11 and 13. Four operate in Saudi Arabia, while Perro Negro 10 works in Mexico under a charter and holds a valid contract in the Kingdom. ADES put the average age of the rigs at 10.4 years and the contract backlog at about SAR 3.8 billion at signing. Saudi Arabian Saipem reported revenue of SAR 635.8 million in 2025.
MEED reported on 18 September 2026 that ADES Saudi had completed the acquisition, with backlog of about SAR 3.7 billion at completion. The deal took ADES to 128 drilling units and 21 countries and gave it a first presence in Mexico.