Saipem Clinches Offshore Contracts Worth 700MM Euro

Saipem has been awarded new offshore contracts worth approximately 700 million euro.

In Nigeria, Saipem has been awarded a subcontract for the Critical Crude Pipeline Replacement Project. The awarded scope of work encompasses fabrication, transportation, installation and testing of the replacement of 6 pipe lines (having a diameter ranging between 10 and 24 inches) connecting 6 platforms in an offshore field, for a total length of 85 kilometers; including shore approach and bridges. The marine activities will be carried out between the fourth quarter of 2010 and the second quarter of 2011, mainly by the Crawler vessel.

In Spain, UTE ACS Cobra Castor awarded Saipem the Offshore Construction Gas Pipeline contract as part of the Castor Underground Gas Storage Development Project for the delivery of onshore and offshore facilities for the compression, transportation, storage, production, treatment and reinjection of natural gas into the public grid.

Saipem's scope of work will encompass the installation of a 30 inch diameter offshore pipeline approximately 22 kilometers from land in mainland Spain at Vinaroz to the offshore field where the WHP platform, installed by Saipem 7000 in August 2010, is located. Offshore activities will be performed between the end of 2011 and the first quarter of 2012.

Nord Stream AG had signed with Saipem additional scope of work to the contract for laying the Nord Stream twin gas pipelines across the Baltic Sea, between Vyborg in Russia and Greifswald in Germany. Each line is approximately 1,220 kilometers long. Contract extension relates to rock placement, dredging and backfilling and testing and pre-commissioning activities. Saipem started laying activities for the first line on April 2010 with the pipe laying vessels Castoro Sei and Castoro 10. The completion of the laying of the first line is scheduled in first half 2011, and the laying of the second line is scheduled between 2011 and 2012.