ADES (2382.SE): Announces the acquisition of Saipem’s Saudi shallow-water business, with four jack-ups already operational in KSA

Research evidence excerpt

ADES (2382.SE): Announces the acquisition of Saipem’s Saudi shallow-water business, with four jack-ups already operational in KSA

Equity Research

24 June 2026 | 3:34PM GST

ADES (2382.SE): Announces the acquisition of Saipem’s Saudi

shallow-water business, with four jack-ups already operational in KSA

On June 24th, ADES announced that it has signed an agreement to acquire Saudi Faisal AlAzmeh, CFA

+971(4)376-3476 |

Arabian Saipem Limited for a purchase consideration of ~US$285mn, adding five faisal.alazmeh@gs.com

Goldman Sachs International

premium jack-ups to its fleet. Per the press release, the transaction brings a backlog

Roman Reshetnev

of ~SAR 3.8bn (~US$1bn), including firm and optional periods, and would take the +971(4)376-3423 |

pro forma fleet to 128 units, including 88 offshore units, of which 51 are premium roman.reshetnev@gs.comGoldman Sachs International

offshore units, with expected closing in 3Q26 upon fulfilment of customary closing Swarnilee Patra

conditions and regulatory approvals. Funding is expected to come from existing +1(332)245-7700swarnilee.patra@gs.com|

liquidity sources and available financing commitments. Goldman Sachs India SPL

The acquired assets include three premium owned jack-ups and two premium leased

jack-ups; one owned rig (Perro Negro 10) is in Mexico and will continue to operate

under a charter structure while retaining a valid contract in Saudi Arabia, while the

remaining rigs operate in Saudi Arabia.

GS view

We view the announcement as a strategic positive and as supportive of our

existing thesis on ADES; we also believe the market is likely to see a positive

read-through driven by four key factors: (i) the transaction involves Saudi Arabian

rigs that are all premium units, which takes the pro forma premium fleet to 51 out of