Saipem secures $260 million offshore drilling contract with Eni Côte d’Ivoire, operations to start in 2027

Saipem just landed a $260 million offshore drilling contract with Eni Côte d’Ivoire Limited—a major long-term addition to its order book. The drillship Santorini is heading to the waters off Côte d’Ivoire in early 2027, kicking off an extended development drilling campaign.

Saipem awarded $260 million Eni contract offshore Côte d’Ivoire

The deal puts the Santorini to work on a long-term development drilling program for Eni Côte d’Ivoire Limited. It’s a big one, and the schedule is already locked in. Operations start in early 2027.

What the award reveals is where offshore drilling appetite actually stands in West Africa right now. Côte d’Ivoire’s offshore basin has been pulling steady operator interest, and a $260 million commitment makes it pretty clear that development activity in the region isn’t winding down anytime soon.

The regulatory boxes are checked, and the transaction is considered routine from a compliance standpoint despite the corporate relationship between the two parties.

Scope of the drilling program and contract terms

The contract includes a firm commitment for an extended drilling program offshore Côte d’Ivoire. That alone makes it a substantial engagement—but the deal’s potential reach goes further.

Optional periods are built into the agreement, and those could stretch both the duration and the overall value of the contract. The terms also allow for potential deployment of the Santorini in neighboring countries, adding geographic flexibility that could keep the drillship busy well past the initial scope. It’s a structure designed with longevity in mind.

For Saipem, that structure matters because it gives the company long-term visibility into the Santorini’s utilization—reducing the uncertainty that typically comes with single-project deployments. Continuity for a high-spec drillship translates directly into more predictable revenue and operational planning.

Regulatory disclosure: Related party transaction

There’s a layer to this deal that goes beyond the headline number. Eni Côte d’Ivoire Limited is controlled by Eni S.p.A., which also holds a stake in Saipem — and that relationship means the contract qualifies as a related party transaction under Italian financial regulations.

Specifically, it falls under Italy’s Consob Regulation on related party transactions. Saipem disclosed the deal under Article 6 of that regulation, which requires transparency when a company enters significant agreements with entities connected to its shareholders.

The transaction is classified as one “of greater importance” under the Consob framework — though that comes with an important qualifier. It falls under an exclusion that applies to ordinary transactions carried out at market-equivalent or standard conditions, meaning it was done at arm’s length, consistent with a normal commercial arrangement. The relevant exclusion sits in Article 13, paragraph 3, letter c) of the Consob regulation and in Article 8.2, letter c) of Saipem’s own management system guidelines on related-party transactions. The regulatory boxes are checked, and the transaction is considered routine from a compliance standpoint despite the corporate relationship between the two parties.

Saipem’s position in the offshore drilling market

This contract isn’t just a balance sheet win. Saipem framed the award as confirmation of its ability to deploy high-specification assets for clients’ exploration, appraisal, and development needs—and that positioning carries real weight in a market where operators are increasingly selective about which drilling contractors they trust for long-cycle programs.

A firm, multi-year commitment from a major like Eni signals confidence in both the equipment and the contractor behind it. Côte d’Ivoire’s offshore basin has been an active area for hydrocarbon development, and Eni’s continued investment in drilling there suggests the company sees meaningful production potential in its acreage.

Winning work under a contract structure that includes optionality and cross-border flexibility reinforces Saipem’s standing as a go-to contractor for complex, long-term offshore programs.

A long-term development drilling campaign in early 2027

Here’s what this deal comes down to. Saipem has secured a $260 million offshore drilling contract with Eni Côte d’Ivoire Limited, with the Santorini set to begin a long-term development drilling campaign in early 2027.

The contract includes a firm drilling program, optional extension periods, and the possibility of deploying the rig in neighboring countries — any of which could increase the contract’s total duration and value. That structure gives Saipem stronger forward visibility on the Santorini’s utilization than a standard single-project engagement would.

On the regulatory side, the deal qualifies as a related party transaction under Italy’s Consob Regulation, given Eni S.p.A.’s stake in Saipem and its control of Eni Côte d’Ivoire Limited. It’s classified as an ordinary transaction conducted at market-equivalent conditions, placing it within a standard exclusion under the applicable rules. Saipem disclosed the transaction as required under Article 6 of the Consob Regulation.

The award adds to Saipem’s offshore drilling portfolio and reflects ongoing operator investment in West Africa’s offshore hydrocarbon development, with Eni remaining one of the most active players in the Côte d’Ivoire basin.

Kelly Lippke

Kelly is an experienced writer with 15 years of experience exploring the big stories that shape our world, from tech breakthroughs and space exploration to climate, energy, and the fascinating quirks of science. She has a talent for turning complex ideas into sharp, memorable insights that stay with readers long after they’ve finished reading.