Saipem's onshore and offshore drilling divisions have been awarded new contracts, and extensions to existing contracts, worth approximately $1.7 billion.

Saipem revealed Friday that its onshore and offshore drilling divisions have been awarded new contracts, and extensions to existing contracts, worth approximately $1.7 billion.

The onshore drilling deals encompass 19 land-rigs located in Middle East, with a duration range from three to ten years, Saipem noted. In addition, new contracts and extensions on other existing contracts have been assigned for new works that will be executed in Bolivia, Peru and Romania, Saipem stated.

Contracts related to the offshore drilling division concern activities to be executed in Norway and Angola, according to Saipem.

“The award of these contracts proves the solidity and reliability of the operational performance of our drilling divisions and further strengthens Saipem’s long-time presence in strategic areas of the world,” Saipem CEO Stefano Cao said in a company statement.

Saipem describes itself as a world leader in engineering and drilling activities, and in the development of major projects, in the energy and infrastructures sectors.

Last month, the company revealed that it had been awarded new deals worth approximately $880 million. In July, Saipem announced that it had been awarded two contracts in Saudi Arabia worth over $3.5 billion.

Saipem reported an operating profit of $402 million in the first nine months of 2019. This compared to an operating profit of $43 million during the same period last year.

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