Saudi company ADES acquires Saipem Arabia in a deal worth over one billion riyals
Saudi Arabia’s ADES Holding, specializing in oil and gas drilling services, has announced the completion of a significant acquisition in the energy sector. One of its subsidiaries has purchased Saipem Arabia in its entirety, a move aimed at strengthening the company's capabilities in the local market.
The value of this transaction reached approximately 1.07 billion Saudi riyals. Saipem Arabia is part of the global Italian group Saipem and possesses extensive experience in drilling operations and services related to the oil and gas sector within the Kingdom of Saudi Arabia.
This move comes as part of ADES's strategy to expand its business scope and increase its share in the Saudi market. The deal is expected to contribute to supporting the company's goals of providing more efficient services and developing operational processes for major energy projects in the Kingdom.
This transaction is considered part of the ongoing developments in the Saudi energy sector, as national companies seek to strengthen their positions by acquiring technical expertise and field operations, which contributes to achieving the objectives of the Kingdom's Vision 2030 in supporting the industrial and logistics sectors.
It is expected that the integration of Saipem Arabia's operations into the ADES structure will begin in the coming period, with a focus on ensuring the continuity of work on existing projects without interruption, reflecting the company's commitment to enhancing the stability of the energy sector and supporting the growth of the national economy.