ADES Holding acquires Saipem Saudi for 1.07 billion Riyals
ADES Holding, specializing in oil and gas drilling services, has announced the signing of a binding agreement to acquire Saipem Saudi Arabia Ltd. This strategic move is part of the company's efforts to expand its business scope and strengthen its presence 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 is part of the global Saipem Group and possesses extensive assets and technical expertise in the field of drilling and services related to the oil and gas sector in the region.
This acquisition is expected to enhance ADES's operational capabilities, as the ownership of Saipem Saudi's assets and equipment will be transferred to the company. The deal also aims to integrate the technical competencies and expertise held by Saipem to serve the major energy projects currently underway in the Kingdom under Vision 2030.
This agreement is subject to the customary conditions for such commercial transactions, including obtaining the necessary approvals from regulatory and supervisory authorities in the Kingdom. This step underscores the confidence of national companies in strengthening their local investments and developing the oil services sector.
This deal is part of the current economic trends in the Kingdom to enhance local content and develop national companies to be more competitive at the regional and international levels. This move is expected to have a positive impact on the efficiency of operations in the Saudi energy sector in the coming period.