Italian energy engineering and drilling company Saipem has announced the acquisition of Saudi Saipem.
It has agreed to sell its entire offshore shallow drilling business in Saudi Arabia to Addis Saudi Arabia Limited, a subsidiary of Addis Holding Group.
The total value of Addis’ acquisition of Saudi Saipem is about $285 million, reflecting new strategic directions for both companies.
Addis expands its presence in the offshore drilling sector
Under the Addis acquisition agreement for SAIPEM Saudi Arabia signed between the two parties, SAIPEM will transfer ownership of 100% of the shares of SAIPEM Saudi Arabia Limited to Addis.
The company is Saipem’s operating arm in the offshore shallow water drilling activity within the Kingdom.
The company’s naval fleet consisted of 3 wholly-owned drilling rigs: Peru Negro 7, Peru Negro 8 and Peru Negro 10.
It also operates two additional chartered platforms, Peru Negro 11 and Peru Negro 13.
A new strategy for Saipem
The deal is part of Saipem’s plan to refocus its business on deepwater projects and harsh environments.
The company sought to strengthen its presence in the most profitable and value-added sectors.
The administration said the move would give it greater flexibility to invest in advanced energy projects around the world.
Strong revenues and deal completion expectations
The financial data showed that Saipem’s Saudi subsidiary generated revenues of about $170 million during 2025.
This reflected the importance of the activity that Addis is acquiring in Addis.
The transaction is expected to be completed during the third quarter of 2026, after obtaining the necessary regulatory approvals from the competent authorities in the Kingdom.
The parties also agreed on operational arrangements that allowed SAIPEM to continue some of its international operations.
Including the use of the Peru Negro 10 platform in its ongoing projects in Mexico.
