Saipem and SBM Awarded Contract Offshore Nigeria

The joint venture established on an equal basis between Saipem (Eni Group) and Single Buoy Moorings (SBM) has been awarded a contract for the development of Okono and Okpoho oil fields, offshore Nigeria.

The total value of the contract is US$ 356 million, and Saipem's share is US$ 178 million.

The scope of work is to supply, install and operate two FPSOs (Floating Production Storage and Offloading)1. The first is to achieve early production for an intended period of 18 months. This FPSO will have storage of 200,000 bbl and a production capacity of 16,000 bopd. The second FPSO will have storage of 1,056,000 bbl and a production capacity of 46,000 bopd and is intended to operate for a period of 7 years.


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