Saipem secures five new offshore drilling contracts worth $800m

16 November 2022

Italian oilfield services provider Saipem has won three offshore drilling contracts in the Middle East, and two in West Africa, for a total amount of about $800m.

The contract value excludes the leasing costs of the vessels used for the works.

Saipem wins five new offshore drilling contracts. (Credit: Zachary Theodore on Unsplash)
Saipem wins five new offshore drilling contracts. (Credit: Zachary Theodore on Unsplash)

In the Middle East, the company has received contracts for building two high-specification Jack-Up drilling units, the Perro Negro 12 and Perro Negro 13.

The two drilling units will be chartered by third parties for drilling and workover activities.

The first unit would be leased for five years, with an option for additional two years of operations, and the second unit for three years, with optional one-year operations.

Both projects are expected to start between the third and fourth quarters of 2023.

The third contract covers the extension of an existing five-year contract for the high-specification Jack-Up unit Sea Lion 7, a versatile self-elevating drilling unit that can operate in up to 375ft water depth.

In West Africa, Saipem has secured two contracts for drilling operations in the Ultra Deep-Water segment, using its sixth-generation Drillship Saipem 12000.

Eni’s subsidiary Eni Cote d'Ivoire has awarded the first contract for drilling offshore Ivory Coast, which is expected to start in the fourth quarter of 2022.

Angola-based independent oil and gas producer Azule Energy has awarded the second contract for drilling, completion and testing of development and exploration wells offshore Angola in Block 15/06, operated by Eni Angola.

Under the contract, the company will drill and complete 12 firm wells in an estimated duration of 26 months, with an option for the extension of the term.

The project is planned to commence in 2023, continuing the previous works of the rig in West Africa.

Saipem, in its statement, said: “These long-term awards in the Middle East confirm Saipem strategy towards this key area for its business and the awards in West Africa secure the continuity of operations in line with Saipem’s strategy for the ultra-deepwater market in this area.

“With the contracts announced today, since the beginning of 2022 Saipem has been awarded new contracts in the offshore drilling segment for a total amount of about €1.6bn equivalent.”

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