Saipem Inks Drilling Deals Worth $800 Million

Saipem Inks Drilling Deals Worth $800 Million
Saipem has been awarded new offshore drilling contracts, three in the Middle East and two in West Africa, for a total amount of around $800 million.

Italian firm Saipem has been awarded new offshore drilling contracts, three in the Middle East and two in West Africa, for a total amount of around $800 million.

Saipem said that the value was considered net of the leasing costs of the vessels used for the works.

In the Middle East two new contracts have been awarded for two high-specification jack-up drilling units, the Perro Negro 12 and Perro Negro 13, chartered by third parties for drilling and workover activities on the specific projects.

The duration of the operations will be five years plus two optional years for the first unit and three years plus one optional year for the second unit. Both projects are scheduled to start between the third and fourth quarters of 2023. The third contract encompasses the five-year extension for an existing contract for the high-specification jack-up unit Sea Lion 7, a highly versatile self-elevating drilling unit able to operate up to 375 feet of water depth.

In West Africa, Saipem has been awarded two contracts in the ultra-deepwater segment for drilling operations with the sixth-generation Drillship Saipem 12000.

The first contract has been awarded by Eni for drilling operations offshore the Ivory Coast, which is expected to start in the fourth quarter of 2022 and extend the current activities of the rig in about six months.

The second contract has been awarded by Azule Energy for drilling, completion, and testing of development and exploration wells offshore Angola in Block 15/06 operated by Eni Angola.

The contract will have the duration necessary to drill and complete 12 firm wells – estimated lasting 26 months – and include the possibility of an extension for an optional term. The project is scheduled to start in 2023 in continuity with the previous works of the rig in West Africa.

These long-term awards in the Middle East confirm Saipem's 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 these contracts, since the beginning of 2022 Saipem has been awarded new contracts in the offshore drilling segment for a total amount of about $1,6 billion.

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