Saipem and MDC Join Forces to Expand Offshore Drilling Activities

(Credit: Saipem)

Saipem and Egypt's Modern Drilling Company (MDC) have signed a memorandum of understanding (MoU) to explore offshore drilling opportunities in Egypt, with the potential to extend their cooperation to other countries.

The non-exclusive agreement covers the identification and development of new offshore drilling business opportunities, with the companies considering different forms of cooperation depending on individual projects.

Potential arrangements include joint ventures, consortia and project-specific agreements.

The companies will establish a joint coordination committee to monitor market developments, identify potential projects and determine the next steps in their cooperation.

The agreement may also cover the sharing of technical expertise, project execution support, asset management and training services.

Saipem said the agreement would strengthen its position in Egypt and support efforts to pursue additional offshore drilling opportunities.