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Source:
الاقتصادية
Addis invests over 1B riyals in Saipem
Addis Holding Company completed a full acquisition deal of Saipem Saudi Arabia for 1.07 billion SAR (285 million USD), after fulfilling all conditions. The deal includes acquiring five raised drilling rigs, of which three are owned and two are leased; four of these rigs are operating in Saudi Arabia and one in Mexico. The company continues to affirm the strength of the drilling market, despite a 32% decline in profits in the second quarter of the year. It owns a portfolio comprising 123 drilling rigs across 20 countries, including 81 offshore and 40 onshore rigs, with a 23.8% stake held by the Public Investment Fund.
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