Saipem Awarded $550M New Offshore Drilling Contracts

Source: 6/26/2023, Location: Middle East

Saipem has been awarded two new offshore drilling contracts, one in the Middle East and one in the Mediterranean Sea, for a total amount of approximately 550 million dollars.

In the Middle East, Saipem has ensured the continuity of the ongoing activity of the Perro Negro 7 jack-up drilling unit from the second half of the year by securing a ten-year extension to the existing contract, thanks also to the excellent performance achieved by the asset during the execution of the activities. The Perro Negro 7, a jack-up capable of operating in up to 375 feet water depth and fitted with the most advanced equipment, is in compliance with the most stringent regulations and highest 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. After having recently expanded its presence in the area from three rigs in 2021 to seven expected at the end of 2023 thanks to the acquisition of various multi-year contracts, with this contract renewal Saipem sees, once again recognition of its commitment to executing projects efficiently with attention to safety and the environment in the main "shallow water" market worldwide.

Furthermore, in the Mediterranean Sea, Saipem has been awarded a contract for the utilization 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, i.e., at 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 characterized over the years by appreciable stability and is expected to be able to contribute to keeping fleet utilization rates high.

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