Saipem lands $325m offshore drilling contract from Aker BP

March 17, 2022 | Oil & Gas | Energy Facts Staff Writer | 2min

Italy’s Saipem was won a $325 million offshore rig contract from Aker BP for a key drilling campaign offshore Norway.

Its semi-submersible rig Scarabeo 8 has been awarded a three-year drilling contract, Saipem confirmed on Thursday.

The offshore drilling player said “operations are expected to start from the end of Q4 2022,” upon the termination of the works in which Scarabeo 8 is currently engaged.

In addition to a three-year firm contract period, the deal also includes an option of two one-year extensions, it added.

Some potential contractual upsides include — a performance bonus scheme and a mechanism of rate adjustment to market rates from the third year onward, Saipem said.

Scarabeo 8 is a Saipem-owned semisubmersible drilling rig capable of operating in harsh environments.

It is a dual derrick deep water unit with a dynamic positioning system and enhanced mooring capabilities.

Saipem said the “long-term contract further consolidates the collaboration with the Norwegian company, also including the use of innovative solutions to deliver increasingly efficient, safe and environmentally focused operations.”