# Saipem and MDC agree to explore offshore drilling opportunities in Egypt

> A non-exclusive memorandum creates a framework for evaluating offshore drilling opportunities and choosing project-specific cooperation arrangements.

- Topic: Corporate
- Event date: 2026-10-22
- First published on EPC Feed: 2026-10-28T18:18:08.936Z
- Updated: 2026-10-28T18:18:08.936Z
- Companies: Saipem
- Countries: Egypt
- Page: https://epcfeed.com/news/saipem-mdc-egypt-offshore-drilling-cooperation-2026


Saipem and Modern Drilling Company have signed a memorandum of understanding to explore cooperation in offshore drilling, initially focusing on Egypt. Announced on 22 October 2026, the arrangement also allows the companies to consider other countries of mutual interest. It establishes a route for developing opportunities together, rather than announcing a particular drilling campaign, customer award or assignment of a named rig. The companies have not disclosed a contract value or a timetable for securing their first joint project.

The cooperation is non-exclusive. According to Saipem, the parties will assess each opportunity individually and select an appropriate delivery structure. Options include a joint venture, a consortium or a dedicated project agreement. These alternatives leave room to allocate responsibilities according to the work under consideration; the memorandum does not identify one permanent execution model that will automatically govern every future opportunity.

A joint coordination committee will monitor markets, identify potential projects and determine subsequent steps. The stated areas of collaboration include sharing expertise, supporting execution, managing assets and training. Together, these activities extend the relationship beyond identifying tenders: they provide subjects for the operational planning that would be needed if an opportunity progressed into a defined assignment. No specific vessel mobilisation or equipment transfer is reported in the announcement.

For EPC Feed, the significance is the proposed link between business development and the practical resources required for offshore delivery. A committee can help the partners compare opportunities, but an identifiable customer requirement, agreed scope and project agreement would still be needed to describe an executable contract. The choice between a consortium and a joint venture also matters because those arrangements can distribute coordination and contractual responsibilities differently.

The next meaningful development would therefore be a project-specific announcement identifying the buyer, location, assets and division of work. Until then, the memorandum should be tracked as a cooperation framework with Egypt as its initial market. It expands the set of arrangements the companies can examine without establishing an order-book value, a drilling start date or a guaranteed stream of work. Keeping that distinction visible allows subsequent awards to be assessed on their own disclosed terms.

## Sources

1. [Saipem and Modern Drilling Company join forces to pursue new offshore drilling opportunities](https://www.saipem.com/en/media/news/Saipem-and-Modern-Drilling-Company-join-forces-to-pursue-new-offshore-drilling-opportunities). Company release, Saipem, Published 2026-10-22, Read 2026-10-28.