Saipem receives $240m onshore drilling contracts

Saipem received new contracts and an extension on the existing contract agreements for onshore drilling services in Saudi Arabia, Morocco, Bolivia and Argentina.

The total value of these contracts is $240m.

Saipem strengthens its presence in the Middle East with a three-year extension for its six medium-sized onshore drilling rigs, which are already operating in Saudi Arabia.

Last September, the company secured an extension for the same duration for ten rigs in Saudi Arabia.

In Morocco, Saipem received a four-month extension to the contract for onshore drilling and workover services. It uses a medium-sized rig that operates at the northern part of Morocco towards the Algerian border.

In the South American country of Bolivia, Saipem was awarded a one-year contract for a medium-sized rig.

In Argentina, the company secured a new eight-month contract where it will add a second hydraulic rig.

The new contract award increases its presence in the South American continent, which has a high growth potentiality due to its vast size and valuable prospects.

Saipem CEO Stefano Cao said: “With these new awards, Saipem consolidates its presence of many years in the Middle East and Latin America with an eye on growth in the drilling market in these strategic areas of the world.”

It specialises in drilling services, as well as engineering, procurement, construction and installation of pipelines in both onshore and offshore projects.

Headquartered in San Donato Milanese, Italy, Saipem also offers EPC and EPCI services on a turn-key basis.