Saipem Awarded Two Offshore Contracts Worth $600 Million

Saipem has been awarded two new offshore contracts in Egypt and Angola worth a total value of about US $600 million.

Egypt

The first contract was awarded by the Burullus Gas Company for the subsea development of the Sequoia field, which straddles both the Rosetta and West Delta Deep Marine Concessions, located offshore from the Nile River Delta, about 130 kilometers northeast of Alexandria, Egypt.

The contract encompasses the engineering, procurement, installation and commissioning (EPIC) of the subsea development system of the Sequoia field, in water depths ranging from between 70 and 570 meters, and of a new 22" gas-export pipeline. The marine activities will be carried out mainly by Saipem's highly specialized FDS vessel and will use different installation methods (J-lay and S-lay) to match the complexity of the operational environment, including both shallow and deep waters. The work will be completed in the second half of 2009.

Angola

The second contract, awarded by Total E&P Angola, is for the Block 17 Gas Export Project consisting of exporting Block 17 gas to Block 2 area for injection into two oil depleted reservoirs located off the Angolan shore, about 230 kilometers northwest of Luanda. Saipem's scope of work includes engineering, procurement, fabrication, transportation and installation of a new injection platform (Single Central Platform) weighting a total of 1500 tons, to be installed in water depth of 38 meters in the Block 2 area. The marine activities will be carried out by Saipem 3000 vessel in the second half of 2009.

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