Saipem secures lucrative offshore contracts in the Black Sea and North Sea worth US$850M

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Italian multinational company Saipem has been awarded two significant offshore contracts with a combined value of approximately US$850 million. 

The contracts encompass an Engineering, Procurement, Construction, and Installation (EPCI) project in the Black Sea and decommissioning activities in the North Sea. These new ventures further solidify Saipem’s position as a leading player in the offshore engineering and construction market.

The first contract, assigned by Turkish Petroleum OTC, is for the second phase of the Sakarya FEED and EPCI Project in the Turkish Black Sea waters. It involves the challenging task of constructing a 175-kilometre-long, 16-inch pipeline at a water depth of 2,200 metres. 

The operations, scheduled to commence in the summer of 2024, will be carried out by Saipem’s flagship vessel, Castorone. Saipem had previously successfully completed the first phase of the Sakarya Gas Field Development project, which was also awarded by Turkish Petroleum OTC in 2021.

The second contract was awarded by EnQuest Heather Limited and involves the decommissioning of the existing Thistle A Platform in the UK sector of the North Sea. The platform, situated approximately 510 kilometres northeast of Aberdeen, is located at a water depth of 162 metres. 

Saipem’s scope of work includes engineering, preparation, removal, and disposal of the jacket and topsides, with the potential for further involvement in subsea facilities. The challenging decommissioning activities will be carried out by Saipem 7000, one of the world’s largest semi-submersible heavy lifting vessels.

Fabrizio Botta, Saipem’s Chief Commercial Officer, expressed his satisfaction with the awards, highlighting Saipem’s strong competitive position in the offshore engineering and construction market. 

Botta emphasized the company’s readiness to capitalise on the expanding momentum in the sector. He cited the Black Sea contract as a testament to Saipem’s prominent standing and long-standing client relationships. The North Sea contract, on the other hand, underscores Saipem’s capabilities in an area where innovative engineering, exceptional assets, and safe operations are paramount.
Saipem was recently given the go-ahead by ExxonMobil Guyana to commence the final phase of the subsea work for the Stabroek Block project, Uaru. The awarded scope of work includes the design, fabrication, and installation of subsea structures, risers, flowlines, and umbilicals for a large subsea production facility.

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