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Ades's Sign to Acquire Sipem Arabia
Ades Holding announced that its subsidiary, Ades Saudi Arabia, has signed a purchase and sale agreement to acquire all shares of Saipem Arabia Saudi Arabia for approximately $285 million (1.07 billion SAR). The deal includes the acquisition of five offshore drilling rigs, three of which are fully owned and two leased. Four of these rigs are currently operating in Saudi Arabia, with one in Mexico. The company expects this transaction to add around 3.8 billion SAR to its business volume, increase its drilling fleet to 128 units, and strengthen its presence in the offshore drilling sector while expanding its operational capabilities.
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