Saipem and Modern Drilling Company (MDC) signed a memorandum of understanding to explore new offshore drilling opportunities, starting in the Egyptian market and potentially extending to other countries of mutual interest. MDC is one of the leading drilling contractors in Egypt and across the Middle East and North Africa region.
The agreement is non-exclusive and aims to identify and develop new business initiatives in offshore drilling services. The two companies will determine the best collaboration model for each opportunity, including joint ventures, consortia or dedicated agreements for individual projects.
A joint coordination committee will oversee the partnership, monitoring market developments, identifying projects of mutual interest and defining next steps. The scope may also include sharing expertise and experience, support in project execution, asset management and training services.
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