Saipem Secures Over $400M in Drilling Contracts in the Middle East, West Africa

Saipem Secures Over $400M in Drilling Contracts in the Middle East, West Africa

Saipem announced that it has won offshore drilling contracts in the Middle East and West Africa valued at more than $400 million.

Further elaborating on the matter, Saipem stated that the two contracts in the Middle East were for two high specification jack-up drilling units, involving drilling and workover operations for five years.

Operations are scheduled to begin in the fourth quarter of 2022. There are options for two additional years on each contract. For this project, Saipem will provide a jack-up unit, and CIMC Group will provide a high-end jack-up.

With those two extra awards in the Middle East, Saipem successfully consolidated its position in this strategic area, increasing the jack-up fleet from 3 to 5 units, which will help facilitate its growth in the offshore drilling market.

Furthermore, Eni has assigned an additional contract for drilling operations offshore West Africa, with activities expected to begin in April 2022 in continuity with its preceding activities.

The execution of the contract will be done by Saipem 12000, a sixth-generation ultra-deep-water drillship. The contract will be for six months plus optional intervals for an extra 10 months.

With the announcement of these two contracts, Saipem stated they have been awarded projects worth over $750 million in the offshore drilling segment since the beginning of 2022.

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