ADES completes Saipem deal as ADES stock expands to 21 countries

ADES completed its acquisition of Saipem's Saudi drilling business on September 18, 2026, expanding ADES stock's operating footprint to 128 units across 21 countries. As Meed reported on September 18, ADES added five jack-up rigs through the transaction.

Saipem deal expands the fleet

The acquired fleet includes three owned rigs and two leased rigs. ADES now operates 88 offshore units, including 51 premium units, alongside 40 onshore rigs, according to Meed on September 18, 2026.

The transaction also marks ADES's entry into Mexico and extends its operating presence from 19 to 21 countries. The fleet expansion gives the company more operating capacity, while the cash-funded structure adds execution and integration demands for management.

What does the capital plan change?

On September 22, 2026, the Saudi Capital Market Authority approved a bonus issue that would double ADES's capital from SAR 1.13 billion to SAR 2.26 billion. The number of shares would rise from 1.13 billion to 2.26 billion, with one bonus share issued for each existing share, according to Saudi Exchange.

Revenue and margin set the baseline

ADES reported SAR 4.54 billion of revenue from contracts with customers and a 47.6 percent EBITDA margin for the half ended June 30, 2026. Its backlog stood at SAR 34.67 billion as of June 30, 2026, according to ADES Group.

October 28 vote sets the next date

ADES shareholders are scheduled to vote on October 28, 2026, on the proposed 100 percent capital increase. Argaam reported on October 5, 2026, that the proposal would capitalize SAR 1.13 billion from the share premium account.

ADES Holding Company Listed JSC traded at SAR 16.38 on Tadawul on October 8, 2026, while its market capitalization was SAR 18.1 billion and its 52-week range was SAR 15.07 to SAR 19.94.

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