Saipem, MDC sign offshore drilling cooperation deal, targeting Egypt

Photo: Saipem

BAKU, Azerbaijan, October 22. Italian energy services company Saipem and Egypt-based Modern Drilling Company (MDC) have signed a memorandum of understanding (MoU) to explore cooperation opportunities in offshore drilling, initially targeting Egypt and potentially expanding to other mutually agreed markets, Saipem said on October 22.

According to the agreement, the two companies will establish a non-exclusive strategic cooperation framework to identify and develop business opportunities in offshore drilling services.

"The companies will assess the most suitable cooperation model for each potential project, including the establishment of joint ventures, the formation of consortia or the conclusion of separate agreements for individual projects," said Saipem.

A joint coordination committee will oversee the partnership's development, monitor market trends, identify projects of mutual interest and determine further steps. The scope of cooperation may also extend to the exchange of technical expertise and experience, project execution support, asset management and training services.

Through the agreement, Saipem aims to strengthen its presence in Egypt, a strategic market for the company, and capitalize on industrial synergies to pursue growth opportunities in the offshore energy sector.

Saipem has an established presence in Egypt's offshore gas sector. Its project portfolio includes work associated with the Zohr gas field and the Burullus Phase IV development. The company has also been involved in subsea infrastructure and pipeline installation.

Modern Drilling Company is an Egyptian oil and gas drilling contractor established in 2005. MDC provides drilling and workover services to oil and gas companies and lists a fleet of 70 rigs on its website. Its offshore fleet includes the Bahari 1, a 3,200-horsepower rig, and ElQaher 1 and ElQaher 2, each rated at 2,800 horsepower.