File photo shows the Saipem 12000 drillship.

Saipem Awarded Offshore Drilling Contracts Worth $800 Million

Mike Schuler
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November 15, 2022

Italian-based Saipem has been awarded new offshore drilling contracts in the Middle East and West Africa worth approximately $800 million.

The five contracts include three in the Middle East utilizing three high-specification jack-up rigs and two in West Africa with the ultra-deepwater drillship Saipem 12000.

In the Middle East, the jack-up rigs the Perro Negro 12 and Perro Negro 13 will be chartered by third parties five years plus two year options and three years plus a one year option, respectively. Both the projects are scheduled to start between the third and the fourth quarter 2023.

The third contract in the Middle East is a five-year extension on an existing contract for the high-specification Sea Lion 7, a highly versatile self-elevating jack-up that is able to operate in waters up to 375 feet.

The awards in West Africa for the Saipem 12000 include one awarded by Eni Cote d’Ivoire for drilling operations off the Ivory Coast, which are expected to start in the fourth quarter 2022 for about six months.

The second contract was awarded by Azule Energy for drilling, completion and testing of development and exploration of 12 wells offshore Angola operated by Eni Angola S.p.A. The contract’s duration is estimated at 26 months and will include the possibility of extension for an optional term. The project is scheduled to start following the work for Eni Cote d’Ivoire.

“These long-term awards in the Middle East confirm Saipem strategy towards this key area for its business and the awards in West Africa secure the continuity of operations in line with Saipem strategy for the ultra-deepwater market in this area,” the company said in a statement. “With the contracts announced today, 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 EUR equivalent.”

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