Saipem Wins FPSO Contract from Sonangol

Saipem has been awarded a contract for the provision and management of a FPSO (Floating Production Storage and Offloading) vessel by the Angolan oil company Sonangol P&P. The vessel will be used for the development of the Gimboa field, located about 85 kilometers off the coast of Angola, in Block 4/05 at a water depth of 700 meters.

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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