- Saipem has secured a $260 million offshore drilling contract from Eni’s Ivorian subsidiary for ultra-deepwater drilling off Côte d’Ivoire starting in 2027.
- The advanced Santorini drillship will be deployed, capable of operating in extremely deep waters and accommodating 215 personnel.
- The contract is considered a related-party transaction but is conducted under market-standard terms and thus meets regulatory requirements.
- Although specific project details were not disclosed, the timing coincides with Eni’s $4 billion investment in the Baleine Phase 3 offshore expansion.
The contract, awarded by Eni Côte d’Ivoire Limited, will see the Santorini, a seventh-generation drillship with a 20,000-metric-tonne deck load capacity, deployed for development drilling in the West African country’s growing offshore energy sector.
Announcing the award, Saipem said the contract qualifies as a related-party transaction because it was signed with Eni Côte d’Ivoire Limited, which is controlled by Eni S.p.A., but emphasized that it is “an ordinary transaction and carried out at market-equivalent or standard conditions,” meaning it falls under regulatory exclusions provided by Italy’s Consob rules.
While Eni did not disclose the specific field where the Santorini will operate, the contract comes just months after the company approved the final investment decision for the $4 billion Baleine Phase 3 offshore development, widely regarded as the next major phase of Côte d’Ivoire’s flagship oil and gas project.
One of the world’s most advanced drillships
Built for ultra-deepwater operations, the Santorini can operate in water depths of up to 3,658 metres (12,000 feet) and drill wells as deep as 12,192 metres (40,000 feet) below the seabed.
The vessel can accommodate 215 personnel and is equipped with advanced automation and dual-activity drilling systems designed to improve efficiency and safety during complex offshore operations.
The agreement includes a firm commitment for an extended drilling programme beginning in early 2027, with options to extend the campaign and deploy the vessel in neighbouring countries, offering Saipem additional long-term work beyond Côte d’Ivoire.
Although Eni has not officially linked the contract to Baleine Phase 3, the timing has drawn attention following the company’s approval of the multibillion-dollar expansion project in May.
The $4 billion development will raise oil production at the Baleine field from 60,000 barrels per day to 150,000 barrels per day, while increasing natural gas output from 80 million cubic feet per day to 200 million cubic feet per day.
The expansion also includes the construction of a new floating production, storage and offloading (FPSO) vessel by Wison New Energies, with completion targeted for mid-2028.
The latest contract reinforces Côte d’Ivoire’s emergence as one of Africa’s fastest-growing offshore oil producers.
Following successive discoveries and investments led by Eni, the country has accelerated efforts to expand crude oil and natural gas production, positioning itself as an increasingly important energy hub in the Gulf of Guinea.