Saipem announced today that it has received full authorization from ExxonMobil Guyana Limited to proceed with the execution of the Hammerhead offshore project in the Stabroek Block.
The Milan-based company said the engineering, procurement, construction and installation (EPCI) contract is valued at approximately US$500 million.
Saipem explained that this approval follows the Limited Notice to Proceed granted on April 2, 2025, which allowed it to begin detailed engineering and procurement of long-lead equipment.
Saipem secures US$720 million offshore contracts, including a major Guyana project | OilNOW
With government and regulatory clearances now secured and the final investment decision made by ExxonMobil and its co-venturers, the offshore campaign is expected to begin in 2028.
According to the company, its scope of work covers subsea, umbilical, riser and flowline (SURF) structures for Hammerhead’s production facility and gas export system. The field lies about 200 kilometers from Guyana’s coast at a depth of 1,000 meters.
Saipem vessel completes 180 consecutive ‘Perfect Days’ on Yellowtail project in Guyana | OilNOW
Saipem said it will use its FDS2 and the chartered vessel Shen Da for operations. Logistics support will be run through the Vreed-en-Hoop Shorebase Inc. (VEHSI) yard, which the company said will “generate employment and opportunities for the Guyanese people”.
“With the Hammerhead project, Saipem confirms its commitment to Guyana, strengthening its presence and relationship with a strategic client,” the company stated. It added that this builds on six previous awards from ExxonMobil Guyana for Liza Phase 1 and Phase 2, Payara, Yellowtail, Uaru and Whiptail.
