SPM: Divests shallow water jack-ups to ADES and receives CADE approval

Research evidence excerpt

SPM: Divests shallow water jack-ups to ADES and receives CADE approval

EQUITY RESEARCH QUICK TAKE

RBC Europe Limited

Victoria McCulloch, CA (Analyst)

Biraj Borkhataria, CFA (Head of Global Energy

Transition Research)

Adnan Dhanani, CFA (Analyst)

Matthew Russell (Associate)

June 24, 2026

Saipem S.P.A.

Divests shallow water jack-ups to ADES and receives CADE approval

MILAN: SPM | EUR 4.52 | Sector Perform | Price Target EUR 5.00

Sentiment: Positive

This morning Saipem announced the sale its entire stake in a shallow-water offshore drilling company with five jack-up rigs to a

subsidiary of ADES Holding for a consideration of $285m. This comes following the announcement late yesterday that CADE, the

Brazilian antitrust regulator, has unconditionally approved the merger with Subsea 7. We expect the stocks to react positively to

this newsflow today.

Key Points:

• Saipem has sold its stake in Saudi Arabian Saipem Limited (SAS) to ADES for $285m cash, which consists of three owned jack-up

rigs (Perro Negro 7, Perro Negro 8, Perro Negro 10) and two leased jack-up rigs (Perro Negro 11 and Perro Negro 13). In FY25,

SAS recorded revenues of ~$170m. The transaction is expected to close in 3Q26, subject to the necessary regulatory approvals,

and the jack-ups will fulfil the remaining commitments.

• The divestment is aligned with Saipem's strategy to focus on deep-water and harsh-environment drilling and is consistent with

the objectives of Saipem's overall industrial plan, which the proceeds will be used to support.

• Yesterday evening, CADE, the Brazilian antitrust regulator, unconditionally approved the Saipem/Subsea 7 merger. While the

approval is in line with our expectations, it comes following a thorough process and was earlier than anticipated, accelerating