Saipem scores $1.66 B worth of offshore contracts

Italian oilfield contractor Saipem has won new contracts worth more than 1.5 billion euros, or 1.66 billion in U.S. dollars.

The contracts, for offshore engineering and construction services, include work on the development of the supergiant gas discovery Zohr in Egypt.

Namely, the company has been awarded an Engineering, Procurement, Construction & Installation (EPCI) contract for the accelerated start-up of the development project for the Zohr Gas Field, found by Eni in 2015.

Petrobel, a joint venture between Eni and EGPC (Egyptian General Petroleum Corporation) is in charge of the development of Zohr on behalf of PetroShorouk, a joint venture between EGAS (Egyptian Natural Gas Holding Company) and Eni.

The scope of work of the contract encompasses the installation of a 26-inch gas export trunkline and 14-inch and 8-inch service trunklines, as well as EPCI work for the field development in deep water (up to 1700 metres) of 6 wells and the installation of the umbilical system. Work will start in July 2016 and is due to be completed by the end of 2017.

Saipem said it would mobilize the ultra-deepwater last generation pipelayer Castorone, the semi-submersible pipelayer Castoro Sei, the trench/pipelay barge Castoro 10, and other specialized vessels.

“We are very pleased to have been selected for the important objective of delivering first gas from Zohr before the end of 2017,” commented Stefano Cao, Saipem CEO. “We will mobilize a fleet of vessels with last-generation capabilities, and leverage on our proven expertise and consolidated presence in the area, in order to ensure our clients achieve their targets.”

The Zohr gas field was discovered by Eni in August 2015, using the drillship Saipem 10000, which is still operating in the area.

Furthermore, Saipem has agreed to various changes in the scope of work on existing E&C Offshore contracts in other countries.

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