Italy’s engineering, drilling, and construction services giant Saipem is divesting its shareholding in Saudi Arabian Saipem (SAS) to close its shallow water drilling chapter in Saudi Arabia, as it continues its shift to deepwater plays. This move enables ADES Holding Company, part of Saudi Arabia-headquartered ADES Group, to bring the Italian giant’s affected jack-up rigs into its fold, enlarging its rig fleet.
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