Italian contractor Saipem has been awarded a new offshore drilling contract by ENI in Côte d’Ivoire.
The contract is valued at approximately $260 Million.
The drillship Santorini currently in the eastern Mediterranean, will be deployed offshore Côte d’Ivoire for a long-term development drilling campaign on ENI’s Baleine development project, with operations scheduled to begin in early 2027.
“The project includes a firm commitment for an extended drilling programmer, with the potential deployment of the rig in neighbouring countries as well as additional optional periods, thus further enhancing the long-term visibility and continuity of the unit’s future utilization”, Saipem says in a note.
ENI is on course of developing the third phase of the Baleine project, after announcing the approval of the final investment decision (FID) in the last week of May 2026.
“The full-field Phase 3 development will increase oil production from 60,000 to 150,000 barrels per day (150,000BOPD) and gas output from 80 to 200 million cubic feet per day (200MMsf/d)”, ENI said at the time. That comes to 183,000Barrels of Oil Equivalent per Day (183,000BOEPD).
Saipem discloses that the drilling contract is a related party transaction. “Pursuant to Article 6 of the Consob Regulation on related party transaction, it is informed that the contract qualifies as a related party transaction – as it is carried out with ENI Côte d’Ivoire Limited, a company controlled by ENI S.p.A. – “of greater importance” and which, as an “ordinary transaction and carried out at market-equivalent or standard conditions”, falls within the exclusion pursuant to Article 13, paragraph 3, letter c) of the Consob Regulation on transactions with related parties and Article 8.2, letter c) of the Saipem’s Management System Guidelines “Transactions with Related Parties and Parties of Interest”.
