Italian contractor Saipem signs $550 million offshore drilling contracts

Home » News » Italian contractor Saipem signs $550 million offshore drilling contracts

Italian company Saipem wins two new offshore drilling contracts totaling around $550 million.
The first contract extends the operation of the Perro Negro 7 oil rig, built in the Middle East in 2008, by ten years. is granted to an international contractor in limited cases. Saipem recently expanded its presence in the Middle East from three platforms in 2021 to seven by the end of 2023.

In the Mediterranean, a second contract is signed for the Scarabeo 9 semi- submersible, built in 2011. The platform, which can operate in very deep water, is designed for six months plus an optional period.

“The acquisition of this contract confirms Saipem’s solid position in the Mediterranean drilling market, an area which has shown considerable stability over the years and which should be able to help maintain high fleet utilization rates,” read a statement the company. Saipem, a leader in engineering, drilling and construction of major projects in the energy and infrastructure sectors, has been awarded two offshore drilling contracts valued at nearly US$550 million.

One of these contracts is in the Middle East, where it ensured the operational continuity of the Perro Negro 7 jack-up drilling unit from the second half of the year and provided for a ten-year extension of the existing contract.

According to Saipem, the Perro Negro 7 is an elevator that can operate at depths of up to 375 feet.

The second project is in the Mediterranean, where Saipem has been awarded a contract to manage the semi-submersible Scarabeo 9 for an estimated period of around six months plus an option period.

Also Read:Qiddiyah City Development Project Updates, Saudi Arabia, Middle East

The is a sixth generation twin piston semi-submersible rig capable of operating in very deep water, ie to depths of 12,000 feet.

“The 10-year extension is a record length in this area, which has only been awarded to an international contractor on limited occasions in the past, and further strengthens Saipem’s strategic position in the drilling segment,” said a Saipem spokesman.

Also Read: Aqaba Cruise Terminal in Jordan, Middle East, inaugurated

“Following the recent expansion of its presence in the region from three rigs in 2021 to an estimated seven by the end of 2023 through the acquisition of multiple multi-year contracts as well as contract extensions, we are once  again seeing Saipem’s recognition. He added that he has committed to projects on the world’s leading shallow water market in an efficient, safe and environmentally friendly manner.