Saipem to sell Saudi shallow-water drilling business to ADES for $285 mln - Reuters
Saipem to sell Saudi shallow-water drilling business to ADES for $285 mln Reuters
This is a company-specific divestment driven by strategic and financial considerations of Saipem.
A strategic reader should be aware of significant M&A activities in the energy services sector, though this particular deal is small.
Saipem divests a specific regional business unit, reducing its exposure to Saudi shallow-water drilling and strengthening its balance sheet.
- · Saipem
- · ADES
- · Energy Services Sector (M&A Advisors)
- · None
Saipem receives $285 million, improving its financial liquidity.
ADES expands its operational footprint and market share in Saudi shallow-water drilling.
Increased consolidation in specific niches of the oil and gas service industry may lead to fewer competitors but more specialized players.
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Read at Reuters — Technology (Google News)