CYPRUS; GHANA —Saipem has obtained two offshore drilling contracts with a combined estimated value of USD 121 million, covering operations in the Eastern Mediterranean and West Africa. The agreements, awarded by Eni Cyprus Limited and Eni Ghana Exploration & Production Limited, provide work for two units in Saipem’s offshore drilling fleet and extend the company’s contracted activity into 2027.
Under the Cyprus agreement, the Saipem 10000 drillship will undertake offshore drilling activities within the Republic of Cyprus’s Exclusive Economic Zone. Operations are scheduled to begin within the November 2026 to January 2027 window. The programme places the vessel in a region where offshore exploration activity can contribute to the assessment of potential hydrocarbon resources, although the announcement does not specify well targets, drilling volumes or the contract duration.
The second contract covers drilling offshore Ghana using Scarabeo 9, a semi-submersible drilling rig. The customer is Eni Ghana Exploration & Production Limited. Specific commencement dates, well numbers and the duration of this assignment have not been disclosed in the available contract details.
The combined award value provides additional revenue visibility for Saipem’s offshore drilling business across two geographically distinct markets. For drilling contractors, securing work ahead of execution helps support rig deployment planning and can reduce uncertainty around fleet utilisation. The contribution to profitability, however, will depend on operational costs, contract terms, mobilisation requirements and the actual duration of each assignment, none of which has been detailed.
The contracts also reflect continued demand for specialised offshore drilling capacity in established and developing exploration regions. In Cyprus, the work adds to offshore activity in the Eastern Mediterranean, while the Ghana assignment supports ongoing drilling operations in West African waters. These projects involve the offshore energy supply chain, including drilling equipment, marine services, technical personnel and supporting logistics providers.
For Eni, the agreements secure access to dedicated drilling units for offshore programmes in both countries. For Saipem, the awards strengthen its order coverage across multiple markets and provide greater visibility over the deployment of the two rigs during the relevant period. Investors and industry participants will need further disclosures on contract duration, execution schedules and margins to assess the awards’ precise financial contribution.
Saipem is an Italy-based engineering and construction group operating in the energy and infrastructure sectors, including offshore drilling and the development of energy-related facilities. Its drilling operations serve oil and gas exploration and production companies that require specialised rigs and offshore technical capabilities.
