Saipem Secures $121 Million in Offshore Drilling Deals
Deepwater drilling services receive new support as energy operators scale up field development in Ghana and Cyprus.
Updated on Oct. 28, 2026 in Oil and Gas
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Saipem has secured two new offshore drilling contracts from Eni subsidiaries valued at a combined $121 million. These agreements deploy specialized deepwater vessels in Ghana and the Cyprus exclusive economic zone.
Why it matters
The awards highlight intensifying regional activity as major operators ramp up exploration and development timelines to meet specific production capacity goals. These drilling efforts support broader infrastructure expansion, including the Cronos discovery field.
The two new contracts are valued at $121 million, supporting assets that include the Scarabeo 9 semisubmersible and the Saipem 10000 drillship. The associated Cronos discovery holds an estimated 3 trillion cubic feet of gas, with production capacity targeted at 500 million cubic feet per day.
The players
Saipem
An Italian multinational oilfield services company focused on offshore and onshore engineering, construction, and drilling.
Eni
An Italian integrated energy major operating across the exploration, production, refining, and marketing sectors globally.
TotalEnergies
A global multi-energy company involved in the production and marketing of oil, biofuels, natural gas, and renewables.
The details
Saipem will utilize the Scarabeo 9 to provide drilling services for Eni Ghana, bolstering operations at the Offshore Cape Three Points development. Simultaneously, the Saipem 10000 drillship is tasked with operations within the Cyprus exclusive economic zone. These deployments follow the July 2026 sanctioning of the Cronos discovery by Eni and TotalEnergies, which aims to bring significant new gas volumes online by 2028.
Timeline
July 2026: Eni and TotalEnergies sanctioned the Cronos discovery.
November 2026 - January 2027: Operations for the Saipem 10000 drillship are scheduled to commence.
2028: Targeted first gas production at the Cronos discovery.
Market Landscape
These contracts follow the development momentum established by the July 2026 sanctioning of the Cronos discovery. The awards represent a critical step in providing the technical capacity required to reach the project's targeted production of 500 million cubic feet of gas per day by 2028.
Operators in the energy supply chain should monitor the November 2026 start date for the Cyprus drilling campaign as a signal for regional service demand. With major projects now moving from sanction to active drilling, firms should evaluate their technical capacity and equipment availability for upcoming field development tenders.
The takeaway
The transition of the Cronos discovery into its active drilling phase signals a period of high equipment utilization for regional service providers. Businesses should monitor the 2028 production startup timeline, as this date will serve as the primary indicator for future subsea infrastructure tender cycles.
Further reading
For broader trends in offshore project financing and equipment deployment, see our coverage in Oil and Gas.
Source note: This article includes information reported by Splash247.
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