Saipem secures lucrative offshore drilling contracts in Middle East and Mediterranean Sea

Exploration & Production

Saipem has announced that it has received two new offshore drilling contracts worth around US$550mn

These contracts include one in the Middle East and another in the Mediterranean Sea. 

In the Middle East, Saipem has successfully secured a 10-year extension to its existing contract, ensuring the continued operation of the Perro Negro 7 jack-up drilling unit from the second half of the year. The Perro Negro 7 is a highly advanced jack-up rig that can operate in water depths of up to 375 feet, meeting the strictest regulations and environmental standards.

“The 10-year extension is a record duration in the area, which in the past had only been granted to an international contractor on limited occasions, and further strengthens Saipem’s strategic positioning in the drilling segment,” according to Saipem.

Furthermore, in the Mediterranean Sea, Saipem has been awarded a contract for the utilisation of the semisubmersible unit, Scarabeo 9, for an estimated period of around six months plus an optional period. The unit is a sixth-generation semisubmersible drilling rig equipped with a dual ram rig and is capable of operating in ultra-deep water such as depths of up to 12,000 feet.

The acquisition of this contract confirms Saipem’s solid positioning in the Mediterranean drilling market, an area which has been characterised over the years by appreciable stability and is expected to be able to contribute to keeping fleet utilisation rates high.