ADES unit closes SAR 1.07B Saipem acquisition

ADES’ acquisition adds five operational premium jackup rigs, including three owned and two leased units

ADES Holding Co. said its indirectly owned subsidiary, ADES Saudi Limited Co., completed the acquisition of all issued and outstanding shares of Saudi Arabian Saipem Limited, which owns three premium jackup rigs and leases two others, from Saipem International BV.

In a statement to Tadawul, the company said the transaction was completed after all conditions precedent under the sale and purchase agreement (SPA) were satisfied.

ADES reported that the transaction consideration amounted to approximately SAR 1.07 billion ($285 million), along with customary adjustments at completion.

According to data compiled by Argaam, ADES Holding announced last June that it signed the binding agreement for a total transaction consideration of SAR 1.07 billion, or $285 million, subject to customary adjustments at completion.

The transaction comprises five operational premium jackup rigs, including three owned units (Perro Negro 7, Perro Negro 8, and Perro Negro 10) and two leased units (Perro Negro 11 and Perro Negro 13). Four of the rigs currently operate in Saudi Arabia, while one operates in Mexico under an existing charter arrangement.