Saipem has exercised the option to purchase the vessel from seventh-generation drilling Santorini that is already operating in the fleet of the Italian company on the basis of a long-term rental agreement signed in 2021 with Samsung Heavy Industries. Saipem announced that the strike price of the purchase option is $230 million, from pay by the end of 2022.

Saipem explained that the investment decision is based on a Expected return on investment (IRR) of more than 15%, with a Payback period of five years, estimated on the basis of the contract in Essere (covering a good part of the next financial year) and Santorini's business prospects.

The Santorini, whose construction was completed in 2021, it is a technologically advanced ship, equipped with two BOPs (Blow Out Preventers), with the highest standard High for ultra-deepwater drillships, it has state-of-the-art automation systems and modern solutions that allow the optimization of environmental impact.

The ship is currently operating in the United States (Gulf of Mexico) for the performance of a contract with Eni having expiration in the third quarter of 2023.