Saipem secures US$220M in new contracts, extensions

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Saipem has been awarded new contracts and extensions to existing agreements in onshore drilling worth approximately US$220M in total, the Italy-based company said on Wednesday.

The new contracts involve projects to be carried out in Bolivia and Saudi Arabia, while the extensions of contracts already underway concern Saudi Arabia, Peru, Morocco and Romania.

Francesco Racheli, Chief Operating Officer of Onshore Drilling, said, “The awarding of these new contracts in South America and the Middle East rewards our efforts to optimise operations and confirms the strategy of the onshore drilling division to consolidate our presence in important geographical areas such as the Middle East and South America and expand our client base.”

Saipem has been awarded an Engineering, Procuring, Construction and Installation (EPCI) contract for the Subsea Umbilicals Risers Flowlines (SURF) package for the Liza Phase 1 development offshore Guyana at the Stabroek Block. Saipem’s contract also includes transportation and installation of umbilicals, manifolds, and associated foundations for the production, and water and gas injection systems.

The company has also been awarded contracts for the second phase of the ExxonMobil-led Liza development to the tune of 700 million USD. These contracts were assigned by Esso Exploration and Production Guyana Limited (EEPGL), an affiliate of ExxonMobil, as the project operator, in partnership with Hess and CNOOC Nexen.