Offshore - Oil & Gas

Saipem and MDC sign MoU for offshore drilling in Egypt

Saipem and MDC will consider joint ventures, consortia and project-specific agreements, while a joint committee coordinates cooperation that could include training, asset management and project support.

Photo: Saipem

23, October 2026
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Saipem and Modern Drilling Company (MDC) have signed a memorandum of understanding covering potential cooperation on offshore drilling in Egypt. The non-exclusive arrangement also allows the partners to explore work in additional countries where their interests align.

The partners will consider consortia, joint ventures and project-specific agreements as possible structures. They will assess each prospective job separately before choosing how to work together.

The cooperation could involve managing assets, providing training and assisting with project delivery, alongside exchanges of technical knowledge and practical experience.

A joint committee will coordinate the partnership. It will track market conditions, choose potential projects for both companies to consider and decide how the cooperation should proceed.

Saipem released details of the MoU on 22 October 2026. Egypt Oil & Gas reported that the companies signed the document in Alexandria during the Mediterranean Offshore Conference and Exhibition (MOC 2026). Saipem CEO Alessandro Puliti and MDC Chairman and Managing Director Tamer Salah were the signatories.

Tags: Egypt, Memorandum of Understanding, MOC 2026, Modern Drilling Company, offshore drilling, Saipem

Editorial Note:
This article was prepared with the assistance of AI tools to enhance clarity and efficiency.
All information has been reviewed and verified by the HMT News editor.

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