The transaction has successfully completed after obtaining all applicable regulatory approvals and occurrence of all conditions precedent.
 
The disposal forms part of Saipem's strategy to focus its portfolio on deepwater and harsh-environment offshore drilling, thereby strengthening the Saipem group's positioning in higher-complexity, higher-value-added segments.
 
Upon completion of the transaction, Saipem and ADES have also entered into a bareboat charter agreement that will allow Saipem to continue utilizing the Perro Negro 10 jack-up rig in its ongoing operations in Mexico, ensuring full operational continuity and compliance with its contractual commitments towards its clients.
 
Our global cross-border team was comprised from Clifford Chance in Italy (led by Partner Paolo Sersale and Counsel Francesca Casini) and AS&H Clifford Chance in Saudi Arabia (led by Partners Majid Al-Sheikh, Omar Rashid and Aysh Chaudhry). The wider team comprised of lawyers Federica Incoronato, Alex Savoia and Pietro Alberto Nicastro in Milan and Hamza Anwar, Intesar Alkhayyal and Rana Alkhowaiter in Riyadh. Tax matters were handled by counsel Sara Mancinelli and senior associate Mario Martignago and Antitrust and FDI matters were handled by senior associates Maria Bazzini and Asfand Ali Gulzar.

AS&H Clifford Chance continues to be recognised at the forefront of the Saudi legal market, with our corporate and other multidisciplinary practices being ranked as Band 1 across all major legal directories, such as Chambers, Legal 500 and IFLR1000.