Italy’s Saipem, a leading engineering, drilling, and construction services company, continues to make waves in the energy sector with its recent contract wins. In the span of two days, the company has secured its third contract this month. The contracts, valued at around US$700 million, were awarded by major players Eni and BP.
The first contract, inked with Eni Congo, involves the conversion of the Scarabeo 5 semi-submersible drilling rig into a floating production unit (FPU). This FPU will serve as a separation and boosting plant, receiving production fluids from wellhead riser platforms, separating gas from liquids, and feeding the nearby floating LNG (FLNG) unit. The project aims to tap into the gas resources of the Marine XII project, contributing to the Congo LNG project’s anticipated LNG production capacity of three million tons per year by 2025.
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Saipem’s involvement in the Eni project includes engineering, procurement, construction, transportation, and commissioning of the FPU, to be situated off the coast of the Republic of Congo. The project is expected to commence offshore works and initiate FPU operations in the fourth quarter of 2025.
Saipem also secured a contract with BP for offshore activities related to the Argos floating production unit (FPU) in the U.S. Gulf of Mexico. The Argos FPU, an essential component of BP’s Mad Dog Phase 2 project, plays a pivotal role in extending the life of the Mad Dog oil field. Saipem’s flagship vessel, Saipem Constellation, will oversee the marine activities for the project.
The recent contract victories follow Saipem’s other noteworthy accomplishments, including a US$1 billion deal with Mellitah Oil & Gas for a gas project off Libya, and contracts valued at nearly US$2 billion in Romania and Germany.
