Saipem nets $500 million in new contracts

Italian offshore contractor Saipem has been awarded new contracts worth total $500 million. 

According to the company’s statement on Monday, it was awarded a new E&C offshore contract by Saudi Aramco for EPCI (Engineering, Procurement, Construction, Installation) activities and T&I (Trunklines & Installation) works in Saudi Arabia, under the long-term agreement in force, renewed in 2015 until 2021.

The scope of work includes the design, engineering, procurement, construction and installation of a total of 19 jackets for the development of fields in Marjan, Zuluf, Berri, Hasbah, and Safaniya, in the region of the Arabian Gulf.

Stefano Cao, Saipem CEO, commented: “With this award, Saipem is further reinforcing its presence a highly strategic area such as the Middle East. The new contracts assigned by a long-standing customer like Saudi Aramco are also a strong and tangible sign of a major client’s trust in Saipem, in the high quality of its services and in the solid expertise the Company can ensure in the construction and installation of offshore platforms.”

Additionally, Saipem said it has negotiated the extension in Angola of the deployment of vessel FPSO Gimboa, inclusive of management and maintenance services, personnel, material and consumable supplies for three years, plus one optional year.

Finally, Saipem has defined change orders for projects in West Africa and in the Caspian Sea.

Together, these new acquisitions, relevant to the second quarter, amount to a total of $500 million.

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