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.
