Italy’s Saipem wins $800 million offshore deals in Middle East and West Africa

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Italian energy contractor Saipem has won five offshore drilling contracts in the Middle East and Western Africa worth about $800 million, it said on Tuesday.

In the Middle East, two contracts concern drilling units to be chartered by third parties, with a third relating to the extension of an existing contract.

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In West Africa, Saipem was awarded contracts for operations off the Ivory Coast, expected to start in the fourth quarter of 2022, and for an Eni-operated Angola offshore project slated to start next year.

Saipem has now agreed about 1.6 billion euros ($1.66 billion) of new contracts in offshore drilling since the start of this year, it said.

Last month the company beat analyst expectations for third-quarter results and raised its 2022 guidance, with CEO Alessandro Puliti saying the group was ahead of schedule on delivery of business plan targets.

Read more: Italy’s Saipem inks investment MoU with Saudi Aramco

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