NextGeo secures $150M Saipem LOI, adds NG Supporter vessel to subsea fleet

NextGeo’s Rana Subsea has signed a $150 million Letter of Intent with Saipem for SAT diving services in the Middle East, backed by the acquisition of the offshore construction vessel NG Supporter to strengthen subsea capabilities.
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Jan. 15, 2026
Courtesy Next Geosolutions
NG Supporter Offshore Subsea Construction Vessel

The NG Supporter vessel will be deployed for the execution of the Saipem contract as well as for other subsea operations, construction and installation support activities, and IMR services, primarily within the oil and gas market.

NextGeo, through its subsidiary Rana Subsea, has signed a Letter of Intent (LoI) with Saipem to deliver saturation (SAT) diving services in the Middle East.

The agreement, valued at about $150 million, spans 36 months with options for three six-month extensions.

To support the contract, NextGeo is acquiring the offshore subsea construction vessel Siem Day—to be renamed NG Supporter—for about $112 million. The vessel will enhance NextGeo’s subsea service portfolio, including construction, installation support as well as inspection, maintenance and repair operations.

Financing for the acquisition will combine equity and bank loans currently under negotiation.

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oil and gas operations offshore Egypt
The Middle East offshore sector is undergoing a dynamic transformation, driven by innovation, strategic reinvestment and evolving market demands.
Oct. 29, 2025
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