Italy’s engineering, drilling, and construction services giant Saipem is expanding its footprint in the Middle East and North Africa (MENA) region by teaming up with Egypt’s Modern Drilling Company, a drilling contractor, through a new non-exclusive partnership agreement aimed at capturing upcoming offshore drilling opportunities in the region.
Saipem and Modern Drilling Company have signed a memorandum of understanding (MoU) to explore new cooperation opportunities in offshore drilling, starting from the Egyptian market and potentially extending to other countries of mutual interest.
The Italian giant highlights that this agreement lays the foundation for a non-exclusive strategic cooperation aimed at identifying and developing new business initiatives in offshore drilling services.
The two companies will determine the most effective collaboration model for each opportunity, including the assessment of joint ventures, consortia, or dedicated agreements for individual projects.
The development of the partnership will be overseen by a joint coordination committee responsible for monitoring market developments, identifying projects of mutual interest, and defining the next steps of the cooperation.
In addition, the scope of the agreement may include the sharing of expertise and experience, support in project execution, asset management activities, and training services.
Saipem emphasizes that this MoU strengthens its position in a strategic market such as Egypt and aims to leverage new industrial synergies to capture growth opportunities in the offshore energy sector.
The European player recently secured multiple deals, including the commissioning services contract for a floating production unit (FPU) destined for Türkiye’s largest natural gas field.