Saipem: Recent Contract Wins Valued Over 1 Billion Euro

Through its subsidiary Snamprogetti, Saipem has been awarded two new onshore contracts in Saudi Arabia and Tunisia. The third contract is for the installation of a marine pipeline system, to facilitate the transportation of natural gas from Algeria to Spain across the Mediterranean Sea. These new worth in excess of 1 billion euro.

Onshore

Saudi Arabian company Saudi Aramco awarded Saipem the EPC contract for the expansion of the Qurayyah Sea Water Plant (QSWP) facilities, within the Khurais field, located about 250km southwest of Dhahran. The contract, which began on a reimbursable basis in the second quarter of 2006, has now converted into a Lump Sum Turnkey contract. The scope of work covers engineering and procurement services, material supply and the construction of nine new seawater treatment modules to increase the plant's capacity by 4.5 million barrels per day. The work is expected to be completed by the fourth quarter of 2008.

In Tunisia, SCOGAT awarded Saipem the contract for the expansion of the existing Trans-Tunisian gas pipeline, which forms part of the Algeria-Italy gas transport system. Saipem will carry out the engineering, procurement, construction and commissioning of two new gas compression stations and the upgrading of the existing compression facilities to increase the total gas transport capacity by 6.5 billion cubic meters per year. The project is expected to be completed in the second quarter of 2008.

Offshore

Saipem has been awarded the EPIC contract for the installation of a marine pipeline system, as part of the MEDGAZ transportation system, to facilitate the transportation of natural gas from Algeria to Spain across the Mediterranean Sea.

The contract has been awarded by MEDGAZ, an international consortium of five companies (SONATRACH 36%, CEPSA 20%, IBERDROLA 20%, ENDESA 12% and GAZ DE FRANCE 12%).

Saipem will be responsible for the engineering, procurement, construction and pre-commissioning of a 24 inch nominal diameter, 208 kilometer long offshore pipeline between Beni Saf, Algeria and Almeria, in the Spanish coast. The proposed pipeline, whose pipes will be supplied by the client, will be laid at a maximum water depth of 2,160 meters, and will have an initial capacity of 8 billion cubic meters per year. The majority of marine activities will be carried out by the Saipem 7000, and partly by Castoro Sei during 2008.

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 unique capabilities in designing and executing large scale offshore and onshore projects. Saipem has a strong expertise in operating in deepwater and remote areas. It has significant technological competence in gas monetization and heavy oil exploitation.

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