Overview
- Saipem signed a binding sale and purchase agreement with ADES on June 24, 2026 to sell its entire interest in Saudi Arabian Saipem for $285 million on a debt‑free, cash‑free basis.
- The deal transfers five premium jack‑up rigs—three owned units (Perro Negro 7, 8, 10) and two leased units (Perro Negro 11, 13)—with four rigs operating in Saudi Arabia and Perro Negro 10 currently working under charter in Mexico.
- After closing the parties will put Perro Negro 10 on a bareboat charter so Saipem can continue its Mexican operations while ADES assumes ownership, a structure that preserves Saipem’s contractual commitments until regulatory close.
- Completion is expected in the third quarter of 2026 and remains subject to customary conditions and regulatory approvals with ADES funding the purchase from existing liquidity and financing commitments.
- The sale lets Saipem redeploy proceeds toward its industrial plan to focus on higher‑complexity deepwater and harsh‑environment work while ADES grows its offshore fleet to 88 units, increasing its pool of premium jack‑ups and immediate revenue backlog.