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The Italian Multinational Saipem Is Developing Major New Projects in the International Offshore Drilling Market. Contracts in the Middle East and West Africa Have Already Exceeded US$ 800 Million So Far.
It’s a time of growth and new business for the Italian multinational Saipem in the global offshore market. This Friday (11/18), the company has a series of new contracts for drilling wells signed in the regions of West Africa and the Middle East. With the first ones expected to start in the last months of 2023, the company has accumulated a total of US$ 800 million in business in the sector. Every day it becomes more relevant and a global reference in the segment.
Saipem’s Offshore Well Drilling Contracts Are Concentrated in the Regions of the Middle East and West Africa, Beginning in 2023
The offshore well drilling services segment is becoming increasingly valued, with the expansion of exploration campaigns in search of new oil reserves.
Thus, the Italian company Saipem takes the opportunity to establish new business in the field and ensure its growth in relevance in the global drilling market.
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The company has more than US$ 800 million accumulated in new contracts planned for the regions of the Middle East and West Africa.
In addition, the multinational further detailed that the total value of approximately US$ 800 million for these contracts is “considered net of the costs of leasing the vessels used for the works.”
Among the offshore drilling projects under development in these regions, the most relevant projects for Saipem are the two high-specification jack-up drilling rigs – Perro Negro 12 and Perro Negro 13.
Planned to be carried out in the Middle East, the first contract will last five years with two additional optional years, while the second will have an initial duration of three years with one optional year.
The two projects for which these rigs have been contracted are scheduled to start between the third and fourth quarters of 2023, thus ensuring a prosperous future soon.
The last of the three contracts in the Middle East includes a five-year extension for an existing contract for the high-specification jack-up Sea Lion 7.
This is one of the most important in the company’s portfolio and will continue to be used to expand the company’s presence in the offshore well drilling industry.
Offshore Well Drilling Contracts in West Africa Are in Ultra-Deep Water Areas, According to Saipem
In addition to the contracts under development in the Middle East, Saipem has two ongoing projects in West Africa, both located in ultra-deep water regions.
The offshore well drilling operations will take place with the support of the Saipem 12000 sixth-generation drillship.
The company also confirmed that the contract is expected to start during the last months of 2022, for the development of the related oil and gas field off the coast of Ivory Coast.
As for the second contract in West Africa, it was awarded by Azule Energy for drilling, completion, and testing of offshore development and exploration wells in Angola in Block 15/06 operated by Eni Angola.
The total duration of the project will encompass the offshore drilling of a total of 12 wells, significantly expanding the company’s portfolio over the coming years in the segment.
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