ADES acquires rig fleet from Saipem

AL KHOBAR, June 25, 2026 – ADES Holding has signed a definitive agreement with Saipem to acquire five operational jackup rigs for a total consideration of USD 285 million, the companies announced on Wednesday.

The transaction encompasses three owned jackup rigs, namely Perro Negro 7, Perro Negro 8, and Perro Negro 10, as well as two leased jackup rigs, Perro Negro 11 and Perro Negro 13. Perro Negro 10 is operating under charter in Mexico, while the remaining four rigs are engaged in Saudi Arabia

Saipem said the rigs generated revenues of USD 170 million in 2025.

Following completion of the deal, expected in Q3 2026, the companies will enter into a bareboat charter agreement allowing Saipem to continue operations in Mexico with the Perro Negro 10 rig while fulfilling its existing contractual commitments.

“The acquired rigs are highly complementary to ADES’ existing jackup fleet, enabling efficient integration with limited ramp-up risk, supported by the Group’s established presence in Saudi Arabia and operational track record”, ADES said in a statement.

ADES calculates that the acquisition will add approximately USD 1 billion to its backlog.

The divestment forms part of Saipem’s strategy to focus its offshore drilling portfolio on deepwater and harsh-environment markets, strengthening its position in higher-value, more complex segments, the company said.

ADES is an international drilling services provider operating offshore and onshore rigs across the Middle East, North Africa and India. The company serves national and international oil companies with a fleet of jackup rigs, land rigs and offshore support assets.

Photo of Perro Negro 11 courtesy of Saipem

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