Saipem expands fleet with ‘Lewek Constellation’ buy

Italian offshore contractor Saipem has entered into an agreement to acquire the ultra-deepwater pipelay and construction vessel Lewek Constellation.

Saipem said on Thursday that the 2013-built Lewek Constellation was ready to be promoted for commercial opportunities.

The Constellation will be marketed in all geographic areas including the Gulf of Mexico, the North and Norwegian Seas where, according to Saipem, the vessel characteristics make it suitable to pursue the subsea tie-back initiatives predominant in those areas.

Stefano Cao, Saipem CEO, said: “The Constellation is the latest addition to Saipem world-class fleet that will integrate our offering with reeling capabilities in order to safely and competitively respond to the needs of the subsea tie-back market.

“Indeed, in the current economic scenario, the subsea tie-back developments are becoming increasingly important as they maximize the utilization of the existing infrastructures at reasonable expenditures. The acquisition of the Constellation bridges this gap, expanding the set of future opportunities.”

Saipem added that the Constellation would be acquired for $275 million through the partial utilization of available liquidity.

“Considering the time to finalize commercial endeavors on this expanded business segment, revenues and EBITDA adjusted 2018 guidance will remain unchanged,” the company said.

The Constellation, bought from Emas Chiyoda Subsea, is currently located in the Gulf of Mexico, near Galveston, USA.

To recall, Emas Chiyoda Subsea, a joint venture between Ezra Holdings Limited and the Chiyoda Corporation, filed a petition for bankruptcy protection at a U.S. court in late February 2017

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