ADES buys Saipem’s Saudi rig unit for $285 m, expanding its Middle‑East drilling fleetExecutive summary: ADES agreed to acquire Saipem’s Saudi rig‑owning unit for $285 million. The acquisition expands ADES’s drilling capacity in a key growth market and signals continued M&A activity in the Middle‑East oil‑services sector. ADES (buyer), Saipem (seller), and the Saudi rig‑owning unit being transferred. Regulatory clearance in Saudi Arabia and completion of the transaction, followed by integration of the rig fleet into ADES’s operations.ADES has agreed to purchase Saipem’s Saudi‑owned rig‑owning subsidiary for approximately $285 million. The transaction adds a fleet of offshore jack‑up rigs to ADES’s portfolio and strengthens its position in the Saudi Arabian oil‑services market. The deal reflects ongoing consolidation among regional drilling contractors as operators seek cost‑effective capacity. Completion is subject to customary regulatory approvals and is expected to close later this year.Connected developmentsWall Street: US‑Börsen öffnen stabil – Ölpreis fällt starkOpen the full case file on Beyond →
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