Saipem awarded US$1.2B in Middle East contracts

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Saipem says it was awarded several contracts for operations in the Middle East, totaling some US$1.25 billion. It did not name the clients.

The first group of contracts concerns extending onshore drilling contracts in the Middle East. They are worth approximately US$600 million.

The ten-year extensions are for existing contracts regarding four land-rigs, with power ranging from 1,500 to 2,000 horsepower (HP). They will be employed for exploration and production activities in various oil and gas fields, continuing operations under execution in the area.

Additionally, four new contracts were awarded to Saipem. These encompass engineering, procurement and installation of several offshore jackets, decks, subsea pipelines, subsea composite cables, umbilicals, fiber optic cables and brownfield modifications in the Middle East. These contracts have a combined worth of US$650 million.

Saipem operates in 70 countries around the world, including Guyana. It is a regular sub-contractor for Stabroek Block projects. Recently, it was contracted to deliver a major subsea system for Guyana’s largest oil project yet – Yellowtail.

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