Saipem's Scarabeo 8 Semi-Submersible Rig to Stay in Norway till 2026

Zacks
2024-09-17

Saipem S.p.A SAPMF, an Italian oilfield services firm, has prolonged its stay with the Norwegian energy firm, Aker BP. Aker BP has extended its contract with the semi-submersible rig, Scarabeo 8, which is currently working in the Norwegian Continental Shelf. The contract extension will keep the rig in Norway till the end of 2026.

Saipem inked a contract with Aker BP for the semi-submersible rig, Scarabeo 8, in March 2022 for a duration of three years. Scarabeo 8 began its contract in early 2023. The deal was valued at $325 million. Saipem mentioned that Scarabeo 8 is a sixth-generation semi-submersible drilling rig, designed to work in harsh offshore environments.

For the contract with Aker BP, Scarabeo 8 reached the Hassel prospect (7324/8-4 exploration well) in the Barents Sea about three months ago. The drilling assignment in the region includes two other prospects, namely Viasat (well 7324/6-3) and Ferdinand Nord (well 7324/6-2). The three wells are expected to be drilled toward the east of the Wisting field in the Barents Sea.

Scarabeo 8 is a dual derrick semi-submersible rig that can operate both in deep water as well as in shallow water environments. The rig boasts a dynamic positioning system which is useful for deepwater drilling assignments. It also comes with a dedicated mooring system that enables the rig to operate in shallow waters. Saipem has highlighted that this rig adheres to the strictest regulatory standards.

The Scarabeo 8 has previously worked in harsh offshore environments and has maintained a successful track in regions like the North Sea and the Barents Sea. The rig can accommodate 140 people and has a maximum drilling depth of 35,000 feet.

SAPMF’s Zacks Rank and Key Picks

Currently, SAPMF carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the energy sector are PEDEVCO Corp. PED, TechnipFMC FTI and VAALCO Energy EGY. PEDEVCO presently sports a Zacks Rank #1 (Strong Buy), while TechnipFMC and VAALCO Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. The company stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.

TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a record high of $13.9 million in the second quarter of 2024, indicating a year-over-year increase of 4.51%. This growing backlog ensures strong revenue growth for FTI in the future.

VAALCO Energy is an independent energy company involved in upstream business operations with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.

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