Saipem hires Rana Subsea for job in Middle East as NextGeo enriches fleet with new vessel

January 16, 2026, by Melisa Cavcic

Italy-headquartered engineering, drilling, and construction services giant Saipem has booked Rana Subsea, a subsidiary of Next Geosolutions (NextGeo), for an assignment in the Middle East. As a result, NextGeo has now strengthened its fleet with a new vessel specifically designed for the execution of complex subsea operations, which will be used during this assignment.

OSCV Siem Day to be renamed NG Supporter; Source: DeepOcean

Rana Subsea’s letter of intent (LOI) with Saipem covers the provision of SAT diving services in the Middle East region. The start of operations, scheduled for Q2 2026, is expected to last 36 months, with three additional six-month extension options at the Italian player’s disposal to prolong this deal, which has a total base value of approximately $150 million.

Simultaneously, Next Geosolutions has added a new ship to its fleet through the acquisition of the offshore subsea construction vessel (OSCV) Siem Day from Norway’s Siem Day II for a purchase price of around $112 million.

The unit, which will be renamed NG Supporter, will be deployed for the execution of the contract with Saipem as well as for other complex subsea operations, construction and installation support activities, and inspection, maintenance and repair (IMR) services, primarily within the oil and gas market.

Giovanni Ranieri, CEO of NextGeo, stated: “The letter of intent signed with Saipem enables us to start the year under the best conditions, with new volumes and an expanded presence in international markets—particularly in the Middle East, which today represents the area with the highest potential for the subsea industry.

“At the same time, we are proud to announce the acquisition of the NG Supporter, a vessel built to the highest quality standards and capable of delivering complex offshore services. We are confident that it will strengthen our fleet with a highly specialized asset, enhancing our ability to meet the requirements of increasingly complex projects in challenging operational environments.”

NextGeo explains that the investment for the vessel’s acquisition will be financed through a combination of equity and bank financing, which is currently being defined. The 2013-built NG Supporter, equipped with a dynamic positioning class II (DP2) system, has an overall length of approximately 121 meters and a beam of 22 meters.

With a deck area of 1,300 square meters, a 250-ton offshore crane with active heave compensation (AHC) system, 7.2 x 7.2-meter Moonpool, a bow helideck, and accommodation for 110 people on board, the ship is perceived to represent a vessel of high-quality standards, capable of delivering complex offshore services while ensuring safe and efficient operations.

Attilio Ievoli, Chairman of NextGeo, commented: “The acquisition of the NG Supporter marks a pivotal milestone in the Group’s strategic growth path. This transaction also stems from an international vision, developed thanks to our presence in the UK, one of the main reference countries for the global offshore market.

“The addition of this new asset provides added value to support the growth and diversification of our activities in our target markets, further expanding our capabilities in the highly complex subsea segment and enabling us to respond even more effectively to the needs of clients and to current and future international projects.”

The acquisition of NG Supporter, which is interpreted to enhance the firm’s operational capabilities, is seen as a move that bolsters its presence in a niche market characterized by growing demand and a limited availability of vessels with comparable technical features. The latest LOI allows NextGeo to secure a significant level of revenue visibility over the next three to five years, while also enhancing the predictability of future cash flows.

The deal with Saipem not only establishes the deployment of the new vessel but also entails the use of a proprietary modular saturation diving system, a highly qualified technical team, and technologically advanced equipment, including options for work-class remotely operated vehicles (ROVs) and a hyperbaric reception facility (HRF).

Alessandro Buffa, CEO of Rana Subsea, noted: “The signing of this LOI marks a turning point that enables us to enter operationally into a region characterised by strong structural demand for long-term subsea services.

“At the same time, this award demonstrates how our integration within the NextGeo Group allows us to successfully pursue opportunities of greater scale than in the past, supporting our clients in more complex projects and concretely expanding our competitive perimeter.”