Saipem of Italy Signs Offshore Drilling Cooperation Agreement with Egypt's MDC

en.Wedoany.com Reported - On October 22, Italian energy engineering company Saipem announced that it had signed a memorandum of understanding on offshore drilling cooperation with Egypt's Modern Drilling Company (MDC). Starting with the Egyptian market, the two parties will jointly seek offshore oil and gas drilling service projects and consider expanding to other countries based on shared commercial interests. The agreement adopts a non-exclusive cooperation model, under which the two parties will jointly assess commercial cooperation approaches and implementation arrangements for potential projects.

Under the agreement, Saipem and MDC may choose to establish a joint venture, form a consortium, or sign project-specific agreements according to the needs of individual projects. The two companies will also set up a joint coordination committee responsible for tracking offshore drilling market opportunities, screening projects of mutual interest, and determining subsequent cooperation steps. Technical experience sharing, project execution support, drilling asset management, and personnel training are also included in the scope of potential cooperation.

The signing ceremony took place on October 20 during the 2026 Mediterranean Offshore Oil and Gas Conference held in Alexandria, Egypt. Saipem Chief Executive Officer Alessandro Puliti and MDC Chairman and General Manager Tamer Salah signed on behalf of the two parties, with Egyptian Minister of Petroleum and Mineral Resources Karim Badawi in attendance. MDC provides onshore and offshore drilling and workover services, and the cooperation between the two parties is initially aimed at Egypt's offshore drilling market.