The contract, which has a total value of approximately US $570 million, is for six years and Sonangol has a five-year extension option.
Saipem will convert an oil tanker into a FPSO vessel with a storage capacity of 1,800,000 barrels and a production capacity of 60,000 barrels of oil per day. The FPSO will be delivered in early 2008, when the first oil is expected.
The Gimboa FPSO is the second contract that Saipem has won on a standalone basis in the Leased FPSO market, following the award of the Citade de Vitoria FPSO contract in Brazil.
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