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Report: Saipem's push to form joint venture with US drillers falls flat

Italian oil and gas services provider Saipem SpA failed in its efforts to push for a joint venture with U.S. drillers, Reuters reported, citing unnamed sources.

The report said Saipem was looking to secure stakes in drilling operations estimated at $1.7 billion.

Among those that were approached but refused a possible joint venture are Patterson-UTI Energy Inc., Pioneer Energy Services Corp., Helmerich & Payne Inc. and Swiss driller Transocean Ltd.

Patterson-UTI, Pioneer Energy Services and Helmerich & Payne are the leading oil drilling companies in the U.S. but are taking a "cautious approach" to mergers and acquisitions due to low demand, the report said.

The company was also reportedly reviewing options for its onshore and offshore assets over the past nine months, aiming to find a partner that would help cut costs.

Saipem is controlled by Italian state lender Cassa depositi e prestiti SpA and oil major Eni SpA