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Home›Business & Finance›NextGeo’s contract with Saipem offshore Libya increased by €4-6 million
Business & Finance

May 4, 2026 · about 2 months ago

NextGeo’s contract with Saipem offshore Libya increased by €4-6 million

Italy’s Next Geosolutions (NextGeo) has secured an expansion of its work scope at a gas project in North Africa under a contract awarded by compatriot engineering, drilling, and construction services giant Saipem at the end of 2025. NextGeo announced today, May 4, that the contract awarded by Saipem

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NextGeo’s contract with Saipem offshore Libya increased by €4-6 million

Italy’s Next Geosolutions (NextGeo) has secured an expansion of its work scope at a gas project in North Africa under a contract awarded by compatriot engineering, drilling, and construction services giant Saipem at the end of 2025.

NextGeo announced today, May 4, that the contract awarded by Saipem in November 2025 as part of the Bouri Gas Utilisation (BGUP) project, with a total value of over €70 million, has been expanded in terms of operational activities and an increase in the relevant amounts, in line with the project’s progress and the client’s operational requirements.

Thereby, the contract covering survey and installation support activities has seen an increase of around €4-6 million, in addition to an extension of the duration of the operations. Furthermore, Rana Subsea’s contract, relating to the provision of specialized diving and installation services, has seen an increase of around €25-30 million, including the exercise of options and the award of a new tender for further activities within the same project.

The vessels NG Worker and NG Surveyor will carry out offshore touch-down monitoring operations using work-class remotely operated vehicles (ROVs), and construction support services, including the delivery of project pipelines, during the installation phases carried out by Saipem.

“The integration of contracts within the Bouri Gas Utilisation project represents further recognition of the NextGeo Group’s operational strength and reliability in complex offshore environments,” said Giovanni Ranieri , CEO of Next Geosolutions Group.

“The expansion of our activities and the increase in contract value confirm our ability to support leading partners throughout all project phases, providing advanced expertise in the fields of survey and construction support. This achievement strengthens our position in the international market and demonstrates the value of an integrated approach focused on technical excellence.”

The BGUP project aims to develop the associated gas from the Bouri field, located off the Libyan coast. The project involves the installation of a new gas recovery module, alongside a series of upgrades and enhancements to the existing facilities.

Saipem won the contract , worth approximately $1 billion, for the project in the summer of 2023.

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