Saipem Claims Onshore Drilling Awards

Saipem Claims Onshore Drilling Awards
Saipem has secured onshore drilling contracts in the Middle East and South America. PHOTO SOURCE: Saipem

Saipem (SPM.MI) reported Monday that it has secured onshore drilling contracts in the Middle East and South America.

In the Middle East, Saipem won extensions for “two important contracts” in Saudi Arabia, the company noted in a written statement. The firm added the duration for one contract extension is five years and the other extension covers a 10-year span.

Additionally, Saipem pointed out that it has been awarded a new onshore contract in Colombia. The company stated that contract’s duration is four years.

Including the three most recent awards, Saipem’s Onshore Drilling division has won orders valued at more than US$250 million since the start of 2021, the Milan-listed firm observed.

“With these acquisitions, Saipem consolidates its long-standing and solid relationships with some of tis main customers,” stated the company. “These extensions of existing contracts are a positive sign of a gradual resumption of activities following the Covid-19 pandemic.”

Saipem did not idenfity the customers.

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