US$800 million in Middle East, Africa contracts awarded to Saipem

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Saipem said it has been awarded new offshore drilling contracts; three in the Middle East and two in West Africa. It is now able to focus exclusively on offshore work, after closing the sale of its onshore business to KCA Deutag in October.

The value of the contract awards totals US$800 million.

Two of the Middle East contracts are for two high-specification jack-up drilling units, the Perro Negro 12 and Perro Negro 13, chartered by third parties for drilling and workover activities on the specific projects.

The duration of the operations will be five years plus two optional years for the first unit and three years plus one optional year for the second unit, Saipem said. Both projects are scheduled to start between the third and the fourth quarter 2023.

The third Middle East contract encompasses the five-year extension for an existing contract for the high-specification jack-up unit Sea Lion 7, highly versatile self-elevating drilling unit able to operate up to 375 feet water depth.

The West Africa contracts are for ultra-deep-water drilling operations with the sixth-generation Drillship Saipem 12000. The first was awarded by Eni Cote d’Ivoire for drilling operations offshore Ivory Coast, which are expected to start in the fourth quarter 2022, extending the current activities of the rig in the area of about six months.

The second contract has been awarded by Azule Energy for drilling, completion and testing of development and exploration wells offshore Angola in Block 15/06 operated by Eni Angola S.p.A. The contract will have the duration necessary to drill and complete 12 firm wells (estimated lasting 26 months) and include the possibility of extension for an optional term. The project is scheduled to start in 2023 in continuity with the previous works of the rig in West Africa.

“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,” Saipem said.

The Italian multinational said its offshore drilling awards for 2022 are equivalent to €1.6 billion.

Included in this lot is engineering, procurement, construction, and installation (EPCI) of the Subsea Umbilicals, Risers & Flowlines (SURF) for ExxonMobil Guyana’s massive Yellowtail project.

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