Project analysis, contract awards and market movements across the FPSO and offshore energy sectors, researched by the Intelatus team.
Eni Côte d’Ivoire Limited has awarded Saipem an offshore drilling contract valued at approximately $260 million. The Santorini drillship is scheduled to begin a long-term development drilling campaign offshore Côte d’Ivoire in early 2027. The agreement includes a firm extended program and potential optional periods and deployment in neighboring countries.
Saipem has secured two contracts from Eni-related companies and partners with an aggregate value of approximately €800 million. The offshore contract from Eni Côte d’Ivoire and its partners covers subsea infrastructure for Baleine Phase 3 off Ivory Coast and is expected to run for about three years using the construction vessels FDS and Shen Da. Enilive separately awarded Saipem an EPC contract for a new deoxygenation unit at its Venice biorefinery in Porto Marghera. Saipem did not disclose the value attributable to either individual contract.
Saipem reported first-half 2026 revenue of €7.35 billion and adjusted EBITDA of €836 million, increases of 1.9% and 9.4% respectively from the prior-year period. New contracts rose 33.4% to €5.74 billion, while backlog stood at €29.86 billion at June 30. The company absorbed approximately €70 million of additional Middle East-related costs and updated its full-year adjusted EBITDA guidance to about €1.75 billion. Completion of the shallow-water offshore drilling business disposal remains expected in the third quarter of 2026.
Eni reported group pro forma adjusted EBIT of €8.91 billion for the first half of 2026, compared with €6.36 billion for the first half of 2025. Exploration & Production contributed €8.13 billion of the 2026 total on a pro forma basis. Adjusted net profit attributable to Eni shareholders was €3.64 billion, while reported attributable net profit reached €4.39 billion. The document provides a material company-level financial signal but does not identify individual offshore projects, floating assets, vessels or contract awards.
PETRONAS LNG Ltd. and Hokuriku Electric Power Company signed a Heads of Agreement on 14 July 2026 to negotiate the renewal of their long-term LNG supply arrangement. The proposed terms would provide up to 0.54 million tonnes per annum for ten years beginning in 2028. Separately, parent company PETRONAS and Hokuriku Electric signed an MOU to explore hydrogen, ammonia, renewable energy, CCS, CCUS and LNG supply-chain resilience initiatives.
Saipem has entered into a five-year, €1 billion revolving credit facility with 13 unnamed financial institutions. The facility may be extended by one or two years at the lenders’ option and is intended to replace Saipem’s €600 million revolving facility signed in February 2025. Effectiveness remains subject to conditions precedent, including completion of the proposed merger between Saipem and Subsea7.
Eni’s second-quarter results confirm FIDs for the Greater PAJ, Baleine Phase 3 and Cronos offshore developments. Azule Energy’s Greater PAJ project is expected to start production in first-half 2029 through a new 95,000-b/d FPSO, while Eni’s planned purchase of interests in three YPF-operated Argentine upstream blocks is intended to supply an integrated LNG development comprising two 6-mtpa floating LNG units. Eni and Petronas also established the 50:50 Searah venture for Indonesian and Malaysian gas assets and secured a $6 billion revolving facility for its growth program.
Petrobras reported record average own oil, NGL and natural-gas production of 3.34 million boe/d in the second quarter of 2026, up 14.1% year on year and 3.4% sequentially. The increase reflected improved operational efficiency, ramp-up of the Maria Quitéria, Alexandre de Gusmão and P-78 FPSOs, and the May 1 start of production from P-79 at Búzios. P-79 started three months ahead of the timing in Petrobras' 2026–2030 business plan and injected first gas on June 26. Búzios platforms subsequently reached daily production records of 1.1 million b/d and 1.2 million b/d during June.
DOF Group has agreed extensions with Petrobras for the pipelay support vessels Skandi Buzios and Skandi Recife in Brazil. Skandi Buzios received another 516 days and Skandi Recife another 550 days, extending contracts previously due to expire in the third quarter of 2026 through January 2028. Each vessel is held through a 50:50 joint venture between DOF and TechnipFMC.
The waiting periods applicable to the proposed Saipem–Subsea 7 merger under the U.S. Hart-Scott-Rodino Act expired on July 31, 2026, permitting the parties to close the transaction in the United States. The proposed merger remains conditional on regulatory approvals in other jurisdictions.
