Saipem and Odebrecht form Joint Venture

Saipem, an Eni Group Company, has agreed the formation of a 50-50 joint venture with Brazilian Company Construtora Norberto Odebrecht for the provision of specialized services to the offshore oil & gas industry. The principal scope of the joint venture is to contract for turn-key Floating Production services in the offshore Brazilian and Angolan oil & gas sectors. Brazil and Angola are among the most promising areas for deepwater oil & gas development. Through this joint venture, Saipem and Odebrecht combine their respective capabilities to create a reliable supplier of integrated services in fast growing markets.