Addis Purchases Over One Billion Riyals in Saipem Shares
Addis Holding Company completed its acquisition of all issued shares of Saudi "Saipem" from Saipem International B.V., at a cost of 1.07 billion Riyals ($285 million). The deal includes the acquisition of five offshore drilling rigs, three owned and two leased, operating four rigs in Saudi Arabia and one in Mexico. The company also announced the signing of two contracts for offshore drilling rigs worth 862 million Riyals, despite its profits declining by 32% in the second quarter of 2026 due to regional conflicts. Nevertheless, the utilization rate of its contracted rigs has increased to over 90%. Its rigs are spread across 20 countries, totaling 123 rigs.
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