Clifford Chance advises Saipem on the sale of their entire stake held by Saipem International B.V. in Saudi Arabian Saipem Limited

Global law firm Clifford Chance has advised Saipem and ADES Holding Company on the sale of the entire stake held by Saipem International B.V. in Saudi Arabian Saipem Limited (SAS), a company active in shallow-water offshore drilling operations in Saudi Arabia, with a fleet of three owned jack-up rigs (Perro Negro 7, Perro Negro 8, Perro Negro 10) and two jack-up rigs operated under lease (Perro Negro 11 and Perro Negro 13).

The sale was made to a company indirectly controlled by ADES Holding Company, and has successfully completed after obtaining all applicable regulatory approvals and occurrence of all conditions precedent.

The disposal forms part of Saipem's strategy to focus its portfolio on deepwater and harsh-environment offshore drilling, thereby strengthening the Saipem group's positioning in higher-complexity, higher-value-added segments.

Upon completion of the transaction, Saipem and ADES have also entered into a bareboat charter agreement that will allow Saipem to continue utilizing the Perro Negro 10 jack-up rig in its ongoing operations in Mexico, ensuring full operational continuity and compliance with its contractual commitments towards its clients.

The Clifford Chance global cross-practice team advising Saipem was led partner Paolo Sersale, counsel Francesca Casini (Italy) and partners Majid AlSheikh, Omar Rashid and Aysh Chaudhry (all AS&H Clifford Chance in Saudi Arabia).

The wider team comprised of lawyers Federica Incoronato, Alex Savoia and Alberto Nicastro in Milan and Hamza Anwar, Intesar Alkhayyal and Rana Alkhowaiter in Riyadh. Tax matters were handled by counsel Sara Mancinelli and senior associate Mario Martignago and Antitrust and FDI matters were handled by senior associates Maria Bazzini and Asfand Gulzar.

Press contact: Emma Cessford