Saipem's Epic Rig Shake-Up: Ditching Shallow Waters for Deep-Sea Glory!

The Big Deal Goes Down

Saipem just signed a game-changing agreement with ADES Saudi Limited Company. They are selling their full stake in Saudi Arabian Saipem Limited (SAS), which runs a cool fleet of jack-up rigs like Perro Negro 7, 8, 10, plus leased ones 11 and 13. 

In 2025, SAS pulled in revenues of SAR 636 million (about USD 170 million). The buyer pays USD 285 million cash on a debt-free basis, and Saipem plans to use those funds to fuel its industrial strategy.

Smart Moves Ahead

Next, the parties will set up a bareboat charter so Saipem keeps using Perro Negro 10 for operations in Mexico and meets all commitments smoothly. 

This transaction sharpens Saipem’s focus on deepwater and harsh-environment drilling. It strengthens their edge in high-value segments. Completion is expected by Q3 2026 after regulatory nods. What a bold pivot! 

Saipem Powers Up the Desert: Saudi Energy Gets a Massive Boost!

The Epic Contract Win

Saipem just scored big by landing a groundbreaking onshore contract in Saudi Arabia. The company, through its joint venture SNSH, will tackle the Uthmaniyah Gas Compression Plant project. Moreover, this exciting deal stretches across 42 months and carries a hefty 900 million euro value for Saipem’s share.  

Engineers will dive into full EPC activities, building a fresh compression plant that breathes new life into the non-associated gas field. Consequently, production extends smoothly while meeting the Kingdom’s soaring energy needs.  

Why This Deal Rocks

Furthermore, this marks the first EPC project under Saudi Arabia’s National EPC Champion Program. Saipem teams up brilliantly with local experts at NSH, blending world-class engineering with Saudi construction muscle.  

Thus, the partnership strengthens Saipem’s footprint in the Kingdom and champions local talent. What a smart move for everyone involved!