Saipem extends contract for use of Santorini for two years

Saipem Spa announced Wednesday that it has been awarded a two-year contract extension from Eni Spa for the use of the Santorini drillship.

The contract extension, which will give continuity to ongoing operations, will take effect from August 2023 and is worth about USD280 of million. This amount will be supplemented by additional income related to investment in plant improvements of about USD15 million.

The Santorini is a seventh-generation ship acquired by Saipem in December 2022, capable of performing drilling activities at depths of up to 12,000 feet, or more than 3,500 meters. The ship has the latest solutions in digitization and automation that ensure the highest standards of safety and environmental friendliness that position it at the top of technology offerings for ultra-deepwater projects.

"Through this acquisition, Saipem confirms its competitive positioning in the ultra-deep water drilling sector," the company said.

Saipem's stock closed Wednesday down 1.3 percent EUR1.4090 per share.

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