Saipem secures $500M in contracts, FPSO deployment

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Saipem has been awarded a new E&C Offshore contract by Saudi Aramco for Engineering, Procurement, Construction, Installation (EPCI) activities and Trunklines & Installation (T&I) works in Saudi Arabia, under the Long-Term Agreement in force, renewed in 2015 until 2021.

The scope of work includes the design, engineering, procurement, construction and installation of a total of 19 jackets for the development of fields in Marjan, Zuluf, Berri, Hasbah, and Safaniya, among the most important offshore fields in the region of the Arabian Gulf.

Commenting in this latest development, Stefano Cao, Saipem CEO, said, “With this award, Saipem is further reinforcing its presence in a highly strategic area such as the Middle East. The new contracts assigned by a long-standing customer like Saudi Aramco are also a strong and tangible sign of a major client’s trust in Saipem, in the high quality of its services and in the solid expertise the Company can ensure in the construction and installation of offshore platforms.”

Additionally, Saipem has negotiated the extension in Angola of the deployment of vessel FPSO Gimboa, inclusive of management and maintenance services, personnel, material and consumable supplies for 3 years, plus one optional year.

Saipem also has defined change orders for projects in West Africa and in the Caspian Sea.

Together, these new acquisitions, relevant to the second quarter, amount to a total of $500 million.

Earlier this year, Saipem announced that it was awarded a new EPCI contract by US Supermajor, ExxonMobil, for the Subsea Umbilicals Risers Flowlines (SURF) package of the proposed Liza project offshore Guyana, South America.

The installation operations will be done approximately 120 miles offshore Guyana at a water depth of 1,800 metres at the Liza field, where is it estimated that the recoverable resources are between 2 and 2.5 billion barrels of oil.

Italian-based Saipem is said to be one of the world leaders in drilling services, engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil and gas market.