Santorini

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escveritas
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Santorini

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Saipem strengthens its fleet with the bareboat charter of a latest generation drillship

San Donato Milanese (Italy), June 29, 2021 - Saipem signed a bareboat charter contract with the Samsung Heavy Industries Company yards for a new drillship, the Samsung Santorini which will be delivered in November 2021. The bareboat charter of about two years duration allows Saipem to strengthen the competitiveness of its fleet without investing in new assets, but by leveraging its consolidated expertise in the selection and management of technologically advanced vessels. The contract with Samsung still provides for the option to purchase the ship, which can be exercised at the discretion of Saipem depending on the trend of demand.

The Samsung Santorini is a seventh-generation drillship equipped with two 7 cavities anti-eruption devices (Blow Out Preventer – BOP), the highest standard for ultra-deep water drillships. The high-performance craft is capable of operating at water depths up to 12,000 feet (over 3,500 meters). The vessel holds the latest solutions in the field of digitalization and automation that guarantee high standards of safety and respect for the environment that place it at the top of the offer in terms of technology for ultra-deep-water projects.

Marco Toninelli, COO Drilling Offshore commented: "Samsung Santorini enters the Saipem fleet with an innovative rental agreement and expands its offer with one of the best latest generation drillships, capable of carrying out operations with the best safety standards and protection of the surrounding marine environment. Santorini increases our production capacity and allows us to meet the demand for new contracts at a stage in which Saipem's current offshore drilling fleet has almost full contractual coverage for the next few months”.

About Saipem

Saipem is an advanced technological and engineering platform for the design, construction and operation of complex, safe and sustainable infrastructures and plants. Always oriented towards technological innovation, today Saipem is committed to supporting its clients on the frontier of the energy transition with assets, technologies and processes that are increasingly digital and oriented towards environmental sustainability. Listed on the Milan Stock Exchange, it is organized in five business divisions (Offshore E&C, Onshore E&C, Offshore Drilling, Onshore Drilling and XSIGHT, dedicated to consulting and engineering services in the project definition phase) and it is present in over 60 countries worldwide and has 32 thousand employees of 130 different nationalities.
escveritas
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Re: Samsung Santorini

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Saipem strengthens its offshore drilling fleet: purchase option exercised for the Santorini drillship

20:00 - 05 DEC 2022

Milan (Italy), December 5, 2022 – Saipem has exercised its purchase option concerning the seventh-generation Santorini drillship, which is already operating within the Saipem fleet by way of a long-term charter agreement signed with Samsung Heavy Industries in 2021.

The exercise price of the purchase option is 230 million USD, to be paid by the end of 2022.

The Santorini, whose construction was completed in 2021, is a technologically advanced vessel, equipped with two seven-cavity Blow Out Preventers (BOP), the highest standard for ultra-deepwater drillships, state-of-the-art operations automation systems, and the latest solutions to optimise environmental impact.

The vessel is currently in operation in the United States (Gulf of Mexico) for the execution of a contract with Eni expiring in the third quarter of 2023.

After the Saipem 10000 and Saipem 12000, the fruitful collaboration with Samsung Heavy Industries is once again reaffirmed.

The investment decision is based on an expected return on investment (IRR) of over 15%, with a payback period of five years, estimated on the basis of the existing contract (covering most of the next financial year) and the Santorini's commercial prospects.

The backlog of Saipem's offshore drilling activity to date amounts to more than 1.5 billion Euro, the highest value in the last six years. Existing contracts (including optional periods) result in a fleet commitment about 80% for 2023 and about 60% for 2024.

The results and business prospects are determined by:
  • The favourable trend in demand in the offshore drilling segment and in particular deepwater. The significant growth of the deepwater market now offers interesting opportunities for the deployment of the fleet, both in markets where Saipem is traditionally present (such as Africa and the Mediterranean), and in segments where the supply of ultra-deepwater drilling rigs is already close to saturation (such as the Gulf of Mexico);
  • The level of daily market rates for seventh-generation drillships, which continue to show a robust growth trend; according to the most authoritative sources, average market rates are estimated at around 400 thousand USD per day in 2022 and are expected to grow to levels above 450 thousand USD per day by 2025[1];
  • Ongoing commercial discussions with major clients in areas of potential use of the Santorini, for which developments are expected in the short term;
  • The limited availability of technologically advanced assets such as the Santorini, in a global market environment where demand for drillships significantly exceeds supply, with a trend expected to strengthen.
The investment in the Santorini will be financed entirely from available cash.

The guidance of approximately 300 million Euro net debt (post-IFRS 16) at the end of 2022 is confirmed.
escveritas
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Re: Samsung Santorini

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Saipem: two-year extension to Santorini offshore drilling contract

The contract awarded by Eni is worth 280 million USD

Milan (Italy), April 19, 2023 – Saipem has been awarded a two-year contract extension by Eni S.p.A. for the use of the Santorini drillship. The contract extension, which will give continuity to the ongoing activity, will come into force starting from August 2023 and is worth approximately 280 million dollars. To this amount will be added additional income linked to investments for improvements to the asset for around 15 million.

The Santorini is a seventh-generation drillship acquired by Saipem in December 2022, capable of performing drilling activities at depths of up to 12,000 feet (over 3,500 metres). The vessel is equipped with the latest digitalisation and automation solutions, ensuring the highest standards of safety and respect for the environment which place it at the top of the technological offering for ultra-deepwater projects.

With this acquisition, Saipem confirms its competitive positioning in the ultra-deepwater drilling sector.
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Re: Samsung Santorini

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Samsung Heavy sells 1 drillship for W299.1b

6 Dec 2022

South Korean shipyard Samsung Heavy Industries Co. said Tuesday it has sold one drillship to Italian multinational oilfield services firm Saipem for 299.1 billion won ($230 million).

The sale came after Samsung Heavy signed a contract with Saipem in June 2021 to lease the vessel for two years with an option to sell it.

A drillship is a maritime vessel with drilling apparatus used to explore for oil and gas wells in deep waters. South Korean companies such as Samsung Heavy are among the few in the world that can build such ships.

In May, Samsung Heavy sold domestic private equity fund Curious Crete four drillships for some 1 trillion won.

The shipbuilder said Curious Crete has sold two of the four drillships amid rising demand for such vessels due to high international oil prices, with negotiations to dispose of the remainder in progress.

Samsung Heavy said the latest sale will help ease financial burdens on its drillship business, adding the proceeds will be used to normalize the shipbuilder's management.

Samsung Heavy, the world's third-largest shipbuilder by order backlog, is the shipbuilding arm of South Korea's top family-controlled conglomerate Samsung Group, whose marquee unit is global tech titan Samsung Electronics Co. (Yonhap)
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