Saipem and the Modern Drilling Company (MDC) have entered into a memorandum of understanding (MoU) to assess new collaboration opportunities in offshore drilling, beginning in the Egyptian market.
The partnership may expand to other countries if mutually agreed.
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Under the terms of the non-exclusive agreement, Saipem and MDC intend to identify and develop new business initiatives related to offshore drilling services.
The companies will evaluate various models of cooperation for each prospect, including potential joint ventures (JVs), consortia or project-specific agreements.
A joint coordination committee will supervise the progress of the partnership, with duties that include keeping track of market changes, pinpointing projects that could benefit both parties and outlining future actions for the collaboration.
The agreement may cover areas such as exchanging technical knowledge, providing assistance during project implementation, managing assets and offering training services.
Saipem indicated that the arrangement is expected to enhance its presence in Egypt, describing the market as strategically important.
The company said it plans to use this cooperation to build new industrial synergies and seek out further opportunities within the offshore energy sector.
Last month, Saipem secured a new offshore contract in Angola valued at around $350m (€303.38m) from Azule Energy Angola, a JV formed by Eni and bp.
It is associated with the West Hub Tails project, which is part of the Agogo Integrated West Hub Development and located 180km off the Angolan coast in waters reaching depths of up to 1,750m.
Under the contract, Saipem will be responsible for engineering, fabricating, transporting and installing subsea infrastructure.
This work involves approximately 62km of flowlines, risers and umbilicals that will be connected to the Agogo floating production, storage and offloading unit.
The expected project duration is around two and a half years.
