Saipem Wins $1 billion-plus in New Contracts

Saipem has been awarded 10 new offshore construction contracts valued in excess of US$1 billion. This work will be carried out in Southeast Asia, North Sea, Gulf of Mexico, and West Africa.

Southeast Asia
Saipem won four new contracts in Southeast Asia worth US$480 million. The first contract, EPIC, is for the laying of a 126-kilometer pipeline off the coast of Taiwan on behalf of the Taiwanese National Oil Co.. The second contract (EPIC) is for the laying of a 90-kilometer pipeline in the Gulf of Thailand on behalf of the Petroleum Authority of Thailand (PTT). The third contract (EPIC) is for the laying of a 50-kilometer pipeline in the area between Malaysia and Thailand on behalf of Trans Thai-Malaysia (TTM). The fourth contract is for the installation of 3 platforms and the laying of 36 kilometers of pipelines also in the area between Malaysia and Thailand on behalf of the Kencana HL

. North Sea and Gulf of Mexico
Saipemís four new contracts in the North Atlantic and another in the Gulf of Mexico are worth a total of US$380 million.

The first contract (EPIC) signed with Total E&P UK is for the replacement of the existing 20-kilometer pipeline connecting the Dunbar and Alwyn platforms, located 150 kilometers North-East of Aberdeen in the North Sea. The work will be carried out by Castoro Sei in the third and the fourth quarter of 2007.

The second contract is for the laying of a 30-kilometer pipeline in the North Sea as part of the development of the Halfdan field on behalf of Maersk Oil OG Gas. The work will be carried out by vessel Castoro Sei in the third and the fourth quarter of 2007.

The third contract in the North Sea has been awarded by the oil company Nexen and is for the subsea development of the Ettrick field. Work will be carried out in the second and the third quarter of 2007. The fourth contract is on behalf of Total Norge E&P AS and is for the decommissioning of sealines associated with the central complex of the Frigg field, located 230 kilometers north west of Stavanger, Norway.

Saipem was also awarded a contract by Devon Energy to decommission three platforms in the Gulf of Mexico that were damaged by the Hurricane Rita. Work will begin in August 2006 and will be carried out by vessel S355.

West Africa
Eni has awarded Saipem the contract for the engineering, procurement, construction and installation of a platform and associated pipelines for the development of the Awa Paloukou field, located off the coast of the Republic of Congo. The platform will be constructed at the Intermare Sarda fabrication yard in Sardinia, and subsequently installed by vessel Saipem 3000 in the summer of 2007.

Related Companies
 Company: Nexen, Inc.more info

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 Company: Devon Energymore info
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 Company: Saipemmore info

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 Company: Maersk Oil & Gasmore info
 - Maersk Stands to Get Another $7.5 Billion for Energy Divestments (Aug 21)
 - Fars News Agency: Maersk Sees Up To 140,000 Bpd Potential For Iran Field (Aug 1)
 - Maersk Says Global IT Breakdown Caused By Cyber Attack (Jun 27)
 Company: PTT Public Co., Ltd.more info
 - Thai PTTGC and Japanese Partners in $900 Mln Chemical Venture (Aug 25)
 - Sources: BP Sells US Crude Oil to Thailand, Australia for First Time (Oct 26)
 - Thailand Embarking On LNG Shopping Spree As Glut Depresses Price (Aug 25)
 Company: Intermare Sardamore info
 - Saipem Wins $1 billion-plus in New Contracts (Jun 14)
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