Saipem and Egypt’s MDC seal pact to target MENA offshore drilling market

Italy’s engineering, drilling, and construction services giant Saipem is expanding its footprint in the Middle East and North Africa (MENA) region by teaming up with Egypt’s Modern Drilling Company, a drilling contractor, through a new non-exclusive partnership agreement aimed at capturing upcoming offshore drilling opportunities in the region.

Saipem and Modern Drilling Company have signed a memorandum of understanding (MoU) to explore new cooperation opportunities in offshore drilling, starting from the Egyptian market and potentially extending to other countries of mutual interest.

The Italian giant highlights that this agreement lays the foundation for a non-exclusive strategic cooperation aimed at identifying and developing new business initiatives in offshore drilling services.

The two companies will determine the most effective collaboration model for each opportunity, including the assessment of joint ventures, consortia, or dedicated agreements for individual projects.

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