Saipem wins $260m Eni deepwater deal offshore Côte d'Ivoire
Saipem has secured a $260 million contract from Eni for deepwater drilling off Côte d'Ivoire, reinforcing the Italian contractor's strategic shift away from shallow-water markets toward high-specification offshore assets.
Saipem has secured a $260 million contract from Eni to deploy its Santorini drillship off the coast of Côte d'Ivoire. Operations for the long-term development drilling campaign are scheduled to commence in early 2027.
The Santorini is a seventh-generation vessel capable of operating in water depths up to 12,000 feet, or over 3,500 meters. In addition to the firm development program, the agreement contains options for additional periods and potential deployment in neighboring countries. This structure provides the Italian contractor with valuable forward visibility regarding the rig's utilization rates.
“This new award confirms Saipem’s competitive positioning in offshore drilling, as well as its ability to efficiently deploy its high-specification assets in support of clients’ exploration, appraisal and development activities,” Saipem stated.
For market participants, the contract serves as a tangible validation of Saipem’s strategic pivot away from shallow-water markets. The company recently sold its shareholding in Saudi Arabian Saipem (SAS) to ADES, exiting its shallow water drilling operations in the kingdom entirely. Securing a multi-year deepwater campaign directly replaces that lost shallow-water revenue with what is typically a higher-margin, higher-specification segment of the offshore market.
The rig has a proven operational history with Eni in Côte d'Ivoire. Earlier this year, the Santorini drilled the Calao South discovery for the Italian energy major, reaching a total depth of approximately 5,000 meters in waters 2,200 meters deep.
This Côte d'Ivoire award also reinforces the strength of Saipem's relationship with Eni. The two Italian firms are currently partnered on another major project, with a Saipem and PT Tripatra Engineers and Constructors joint venture recently winning an EPCI contract for a floating production, storage, and offloading vessel at Eni’s Kutei North Hub field development in Indonesia.
Deepwater drilling remains a capital-intensive market where dayrates for seventh-generation rigs command a significant premium over older, shallow-water assets. By locking the Santorini into a firm development program with expansion options, Saipem is effectively hedging against the cyclical volatility that often impacts the lower tier of the offshore drilling market.
