Saipem exits Saudi shallow-water drilling; ADES acquires five jack-ups, $987M backlog

Saipem divests its Saudi shallow-water drilling business to ADES, transferring five premium jack-up rigs and approximately $987 million in backlog. This strategic exit aligns with Saipem's pivot toward deepwater and offshore engineering, while ADES expands its fleet to 128 units and gains entry into Mexico, strengthening its Saudi market position. The deal signals consolidation in the offshore drilling sector and a shift in regional capacity ownership.