Riyadh - Mubasher: ADES Holding Company has completed its acquisition of Saipem Saudi Arabia Limited through its indirectly owned subsidiary, ADES Saudi Arabia Limited.
The transaction, valued at approximately SAR 1.07 billion ($285 million), follows the fulfillment of all conditions precedent outlined in the sale and purchase agreement signed on 24 June.
The acquisition includes five premium jack-up rigs, consisting of three owned units and two chartered units, with an average age of 10.4 years. This strategic expansion adds approximately SAR 3.70 billion to the group’s total backlog and establishes a new operational presence in Mexico.
Following the integration of these assets, the ADES Holding fleet has grown to 128 total units, comprising 88 offshore units and 40 onshore rigs.
The company noted that the offshore drilling market remains supportive, with contracted jack-up utilization rates near 90%.
ADES Holding now employs more than 11,000 personnel as it strengthens its position as a global leader in the premium jack-up rig segment.
