- by THS:UKI Manager
- 27 January 2026
- Corporate Member News
Next Geosolutions, through its subsidiary Rana Subsea, signs a LOI with Saipem for the provision of “sat diving” services in the middle East Region.
The agreement is worth approximately USD 150 million and has a planned duration of 36 months. In parallel, and in line with the LOI, NextGeo Solutions is expanding its fleet with the addition of the “ng supporter,” a new unit specialized in the execution of complex subsea operations. The value of the investment amounts to USD 112 million.
Next Geosolutions (“NextGeo” or the “Company”), one of the leading international players in marine geoscience and offshore construction support services for the energy sector and listed on Euronext Growth Milan market, in line with the growth strategy outlined since the listing and in light of recent M&A transactions, announces that through its subsidiary Rana Subsea S.p.A. (“Rana”), the Company has signed a Letter of Intent (“LOI”) with Saipem S.p.A. (“Saipem”) for the provision of “SAT diving” services in the Middle East region. The start of operations is scheduled for Q2 2026, with a continuous duration of 36 months and three additional six‑month extension options. The agreement has a total base value of approximately USD 150 million.
At the same time, Next Geosolutions announces the addition of a new offshore vessel to its fleet, through the acquisition of the “Siem Day”, IMO No. 9660102, from the Norwegian company Siem Day II AS (“Siem”), for a total purchase price of approximately USD 112 million. The vessel, classified as an Offshore Subsea Construction Vessel (OSCV) and to 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 & Repair (IMR) services, primarily within the Oil & Gas market. The investment for the vessel’s acquisition will be financed through a combination of equity and a bank financing, which is currently being defined.
Attilio Ievoli, Chairman of NextGeo, added: “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.”
Built in 2013, the “NG Supporter” is 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 m², 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 “NG Supporter”, built in a Norwegian shipyard, represents a vessel of high quality standards, capable of delivering complex offshore services while ensuring safe and efficient operations.
The acquisition of the “NG Supporter” represents a highly strategic milestone for the Group. In addition to enhancing its operational capabilities, it enables the Group to strengthen its presence in a niche market characterized by growing demand and a limited availability of vessels with comparable technical features. This investment is part of the Group’s broader strategy to reinforce its fleet of specialized vessels and serves as a key enabler for participation in, and execution of, complex offshore projects.
The LOI with Saipem, in addition to establishing the dedicated deployment of the new vessel “NG Supporter”, also includes 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).
The LOI enables NextGeo to secure a significant level of revenue visibility over the next 3–5 years, while also enhancing the predictability of future cash flows. The combination of highly specialized operational capabilities, the full operational flexibility of the vessel, and its multi‑year utilization further positions the Group within a market segment characterized by high barriers to entry, reinforcing its role as a provider of strategic offshore services in the technically complex Oil & Gas sector.
The signing of this LOI further strengthens the cooperation between the NextGeo Group and Saipem, continuing a well‑established industrial partnership with one of the leading global operators in the offshore sector.
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. We continue to pursue selective and sustainable growth, built on the integration of assets, technology, and expertise, with the objective of creating long‑term value for our stakeholders and reinforcing our presence in key international markets.”
Alessandro Buffa, CEO of Rana Subsea, added: “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.”