Saipem and Modern Drilling Company join forces to pursue new offshore drilling opportunities

Saipem and Modern Drilling Company (MDC), one of the leading drilling contractors in Egypt and across the Middle East and North Africa (MENA) region, 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 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.
The development of the partnership will be overseen by a joint coordination committee responsible for monitoring market developments, identifying projects of mutual interest, and defining the next steps of the cooperation. The scope of the agreement may also include the sharing of expertise and experience, support in project execution, asset management activities, and training services.
Through this agreement, Saipem strengthens its position in a strategic market such as Egypt and aims to leverage new industrial synergies to capture growth opportunities in the offshore energy sector.