Italy’s Saipem wins $155 million deals in Egypt and Saudi Arabia

Published December 18th, 2003 - 03:00 GMT

Oil services company Saipem, a unit of Italian oil and gas company Eni has been awarded two new drilling contracts in Egypt and Saudi Arabia valued at $155 million.

The Burullus Gas Company-Egypt granted Saipem an eighteen-month contract to provide a Scarabeo 6 semisubmersible rig for drilling operations offshore Egypt. The contract came into effect earlier this month, stated a press release.

In Saudi Arabia, Saipem renewed a contract with Saudi Aramco for the charter of six land rigs for a period of three years. The contract begins in the second quarter of 2004.

Saipem began operations in the 1950s operating either as division within the ENI group or on a standalone basis and became autonomous in 1969. Offshore operations commenced in the Mediterranean Sea in the early 1960s, and expanded into the North Sea in 1972. Its customer base includes almost all the major and independent oil and gas companies worldwide. — (menareport.com)