Energy and oilUpdated November 9

ADES completes Saipem deal, adding five rigs.

ADES’s five-rig addition has a split geography: four rigs operate in Saudi Arabia, while the fifth is based in Mexico. The company completed its acquisition of Saipem’s shallow-water drilling business in Saudi Arabia in September, adding three owned jackup rigs and two leased ones. The rig in Mexico also extends ADES’s presence into that market. The acquired assets came with about SAR 3.7 billion in contracted backlog at completion. So the deal brings both more rigs and a foothold beyond Saudi Arabia, with a substantial backlog tied to the assets.

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Coverage started November 9