ADES Holding said on Tuesday that its indirectly wholly owned subsidiary, ADES Saudi Limited, had completed the acquisition of all issued and outstanding shares of Saipem Saudi Arabia Limited for approximately $285 million (1.07 billion riyals), plus customary closing adjustments.
The company said in a statement on the Saudi Exchange that the acquisition was completed after all conditions required under the previously signed sale and purchase agreement had been fulfilled.
Five drilling rigs included in the deal
The deal includes Saipem Saudi Arabia Limited, which owns three premium jack-up rigs, in addition to two leased premium jack-up rigs.
Acquisition agreement
ADES Holding signed the acquisition agreement with Saipem International B.V. on June 24, 2026, as part of its plans to expand its drilling rig fleet and support its growth in the region's drilling services sector.
