Saipem he squeezed a binding agreement with Ades Saudi Limited Company for divest offshore drilling operations in shallow waters in Saudi ArabiaThe value of the transaction is 285 million dollars, on a debt-free/cash-free basis, and will be paid in cash at closing, expected by the third quarter of 2026The transfer concerns theentire shareholding in Saudi Arabian Saipem Limited, controlled through Saipem International BV. The company operates in shallow water drilling, which involves drilling offshore in areas where the seabed is not particularly deep. Drilling is used to drill wells to reach oil and gas deposits beneath the seabed, using specialized rigs capable of operating in different operating conditions depending on the depth and environment.
Saudi Arabian Saipem Limited has a fleet of three owned jack-up rigs, Perro Negro 7, Perro Negro 8 and Perro Negro 10, and two leased jack-up rigs, Perro Negro 11 and Perro Negro 13. In 2025, the company recorded revenues of 636 million Saudi riyals, equivalent to approximately 170 million dollars.
Focus on deep water and more complex projects
The operation fits into the Saipem strategy to focus its portfolio on offshore drilling in deepwater and harsh environments, i.e., challenging operating environments, where more advanced technologies, skills, and resources are required. The company therefore aims to strengthen its position in the most complex and value-added segments, reducing its exposure to shallower water activities. proceeds The proceeds of the sale will be used in line with the objectives of the group's business plan. Completion of the transaction remains subject to customary conditions precedent, including applicable regulatory approvals.
Saipem will continue anyway to guarantee the commitments already made in MexicoAt closing, the parties will sign a bareboat charter agreement that will allow the Italian group to continue its ongoing operations with the Perro Negro 10 rig, ensuring full compliance with its existing obligations.
The deal was signed with Ades Saudi Limited Company, an indirect subsidiary of Ades Holding Company, an international group active in offshore and onshore drilling services. The sale price remains subject to the customary adjustment mechanisms for this type of transaction.
Closing is expected approximately by the third quarter of 2026, subject to regulatory approval and the completion of other conditions precedent. Saipem is being advised on the transaction by Moelis & Company UK LLP as financial advisor, and Clifford Chance, along with AS&H Clifford Chance, is acting as legal advisor.
The stock market appreciates, also spotlights the merger with Subsea 7
Il market welcomed the moveAt Piazza Affari, Saipem started out with a rise of over 4%, before reducing its gains to settle at 4,56 euros, up 0,8%.
Investors' attention remains high due to news from Brazil regarding the merger with Subsea 7. The Brazilian antitrust authority, Cade, has reportedly approved the deal without conditions, despite requests from several competitors, including Petrobras, Exxon, and TotalEnergies. Analysts at Intermonte described the news, if confirmed, as "clearly positive," maintaining an "Outperform" rating on Saipem shares and a €5 target price.
The GranMorgu project launches in Suriname
Meanwhile Saipem has Operations have begun for the GranMorgu offshore project in Suriname., with the arrival of the multipurpose construction vessel Normand Navigator at the Jules Sedney Harbour commercial port in Paramaribo. The vessel is now moored and ready for preliminary activities.
Il project, operated by TotalEnergies with a 40% stake, together with Apa Corporation (40%) and Staatsolie (20%), is located in Block 58, 150 kilometers from the coast. It is Suriname's first large-scale offshore oil development, with start-up scheduled for 2028. The contract awarded to Saipem in 2024 includes engineering, procurement, supply, construction, installation, pre-commissioning, commissioning assistance, and start-up of the Subsea Umbilicals, Risers, and Flowlines package, in water depths ranging from 100 to 1.100 meters.
To carry out the project, Saipem will use two maritime support bases, a logistics hub at the Jules Sedney Harbour commercial port, and the Dordt base, also in Paramaribo. The use of ports, material handling services, and local transportation networks aims to create value in the Surinamese supply chain, confirming the group's long-standing presence in the country.
