ADES Holding Company acquires Saipem Saudi Arabia in a major deal
ADES Holding Company, specializing in oil and gas drilling services, announced the signing of a binding agreement to acquire Saipem Saudi Arabia Ltd. This deal comes as part of the company's plans to expand and strengthen its position in the energy sector within the Kingdom of Saudi Arabia.
The total value of this transaction reached approximately 1.07 billion Saudi Riyals. Saipem Saudi Arabia is part of the global Italian Saipem Group and possesses extensive experience in providing drilling services and engineering services related to the oil and gas sector in the region.
This acquisition aims to support ADES's goals of increasing its fleet of drilling rigs and developing its operational capabilities to meet the growing demand in the Saudi market. This move is expected to contribute to enhancing operational efficiency and providing integrated services to the company's clients in the Kingdom.
This deal comes at a time when the Kingdom of Saudi Arabia is witnessing significant growth in the energy sector, in line with Saudi Vision 2030, which aims to enhance local content and develop national companies. The acquisition procedures are expected to be completed after obtaining the necessary official approvals from the relevant regulatory authorities.