Italian energy contractor Saipem (BIT: SPM) has won new offshore drilling contracts in the Middle East and West Africa worth over $400 million.
Two deals have been awarded in the Middle East for two high specification jack-up drilling units, consisting of drilling and workover operations for a duration of five years.
Operations are scheduled to get underway in the fourth quarter of this year.
Each contract includes options for two further years.
The projects will involve one Saipem jack-up unit and a new high specification jack-up chartered from CIMC Group.
With these additional awards in the Middle East, Saipem “consolidates its presence” in the region, expanding its jack-up fleet from three to five units with a view to growth in the offshore drilling market.
Furthermore, another contract has been dished out by Eni for a drilling campaign offshore West Africa.
Saipem forecasts operations will kick off this month in line with previous activities.
The contract is due to run for a six months, with options in place to extend that for an additional 10 months, and will be carried out by Saipem 12000, a sixth-generation ultra-deep-water drillship.
Including the most recent contract announcements, from the beginning of 2022 Saipem has been awarded projects worth over a total amount of $750m in the offshore drilling segment.