Saipem scoops $230-million job in Mozambique

Saipem scoops $230-million job in Mozambique

According to WorldOil Saipem and Eni have signed a contract for offshore drilling activity in Mozambique, utilizing the drillship Saipem 12000. The contract is of 15 months’ duration commencing mid-2019. It includes options up to a maximum of 45 months, not comprised in the contract value.

In addition to this contract, which will allow the Company to participate in the development of the Coral field, Saipem has been awarded other offshore drilling contracts. The activities related to the other acquisitions will be executed in the Mediterranean and the Black Sea and will utilize cutting-edge vessels from the Company’s fleet.

The total value of these new contracts is $230 million.

Significantly, Eni has awarded Saipem a contract for the drilling of two wells offshore Cyprus. Work will once again be carried out by the Saipem 12000 and commence in the fourth quarter of 2017. The vessel will be subsequently deployed in Portugal for operations previously announced in 2016 and postponed at the request of the client. These awards attest to Saipem’s consolidation in the area of the Mediterranean where the drillship Saipem 10000 is already active. They also reinforce the Company’s presence in a market of particular interest where important discoveries have recently been made.

Finally, the semisubmersible rig Scarabeo 9 will be utilized for the drilling of one well, plus an optional one, in the Black Sea. In service since 2011, the Scarabeo 9 is undergoing innovative upgrades, whose expenses are included in the contract. These upgrades will enable it to pass through the Bosphorus. This is a particularly important development in view of the interesting opportunities for offshore drilling in ultra-deep water in the Black Sea area.

Related News:Saipem bags $240 million worth deal in Saudi Arabia

Saipem has been awarded new contracts and the extension of pre-existing agreements in the onshore drillingsector in Saudi Arabia, Morocco, Bolivia and Argentina for a total value of $240 million.

In the Middle East, a strategic area for the Company, Saipem boosts its presence with a further important three-year extension to activities relating to six medium-sized onshore drilling rigs already operating in Saudi Arabia. This is in addition to extensions of equal duration announced in September 2016 in relation to 10 rigs.

In Morocco, close on the heels of business already acquired in that country, Saipem sees the high quality of its services recognized with a four-month extension to the contract for the supply of onshore drilling and workover services using a medium-sized rig that will operate in the north of the country near the Algerian border.

In Bolivia, a country of significant interest considering its hydrocarbon potential, Saipem strengthens its long-standing presence thanks to the award of a one year contract for a medium-sized rig.

Again in Latin America, the Company has acquired a new eight-month contract in Argentina for a second hydraulic rig in addition to the one announced on Sept. 22 last year. This new award marks the consolidation of Saipem into the country, as well as the broadening of its presence in a market of special interest on the South American continent due to its size and prospects for growth, both of which have the potential for attracting the major international oil companies.

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