Saipem Wins New Contract for Scarabeo 5 in Norway

Scarabeo 5
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Saipem has been awarded an offshore drilling contract for the semisub Scarabeo 5 for a value of approximately US $460 million.

Scarabeo 5 will be used by Statoil for drilling activities in the Norwegian sector of the North Sea. The 39 month contract will begin in the third quarter of 2007 upon the expiry of the present contract, which is also being carried out on behalf of Statoil. Scarabeo 5 has been working continuously since 1990 in the Norwegian sector of the North Sea, one of the most demanding areas due to strict environmental regulations and harsh weather conditions.

Saipem (43% owned by Eni) is a leader in the provision of Engineering, Procurement, Project Management and Construction services for the Oil & Gas Industry, with distinctive capabilities in the design and execution of large scale offshore and onshore projects, a strong bias towards activities in deepwater, remote areas and with significant technological competences such as gas monetization and heavy oil exploitation. Saipem is listed on the Italian stock exchange and currently has a market capitalisation of approximately 9 billion euro.

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