Saipem Secures Over $200 Million in New Offshore Drilling Contracts

Written by Paulo Nogueira

Published on 05/04/2019 at 05:24

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The Contract Will Use the Scarabeo 8 Rig in the North Sea for Operations in 2020 With Wintershall, Saipem Also Won Contracts in the Middle East

Saipem announced on Friday that a contract has been signed with the German company Wintershall for the drilling of two wells, plus two options in continuation of previous commitments for offshore operations in Norway. The contract will be executed by the sixth generation semi-submersible rig Scarabeo 8, a drilling unit capable of operating in challenging environments.

The rig is expected to be operational by approximately the second quarter of 2020.

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“With this contract, Saipem consolidates its presence in the Norwegian North Sea and expands its client base in offshore drilling for a new key player,” Saipem said.

In addition, Saipem was awarded a contract in the Middle East, which involves a four-year extension of the high jackpot Perro Negro 7 use.

The Perro Negro 7 is a jack-up drilling unit capable of operating in depths of up to 375 feet. Work started at the end of the first quarter of 2019.

“With this long-term commitment, Saipem strengthens and confirms its presence in a key area of shallow water operations and in a strategic market for the company as a whole,” Saipem concluded.

In related news, Saipem was recently reported by Bloomberg to be in talks for the sale of its drilling business, both onshore and offshore.

According to the financial news giant, the Italian oil services provider is in talks with interested parties to divest its drilling units in two separate transactions.

Bloomberg based its report on information provided by anonymous sources familiar with the matter, who also said that Saipem, also involved in engineering and construction businesses, may choose not to sell the drilling business.

Saipem Secures Over $200 Million in New Offshore Drilling Contracts

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