Saipem Picks Up Gabon, Angola Contracts

Saipem has been awarded two new offshore contracts in Gabon and Angola worth euro 410 million.

In Gabon, CNR International (Olowi) Limited, a wholly owned subsidiary of Canadian Natural Resources Limited, has awarded Saipem a contract for the development of the Olowi field, located 18 kilometers off the coast of Gabon, 400 kilometers south of Libreville.

The field will be developed using three wellhead towers and one conductor support platform tied back to an FPSO vessel (Floating, Production, Storage and Offloading). The contract (EPIC), covers the engineering, procurement, construction, installation, hook-up and commissioning of the fixed portion of the Olowi Field Development Production Facilities and the installation of interconnecting subsea pipeline, riser and umbilical systems between the wellhead towers and the FPSO. The marine activities will be carried out mainly by the Castoro 2 and the Saipem 3000 vessels in the second quarter of 2009.

In Angola, Cabinda Gulf Oil Company Limited has awarded Saipem the EPIC contract for the Flare and Relief Modifications (FARM) Project in the Angolan offshore Block 0, off the coast off the Cabinda province. The FARM project is aimed at eliminating routine gas flaring and is divided into the Malongo and Takula Areas.

The contract covers the project management, construction engineering, procurement of bulk materials, fabrication of flares and various structures, transportation and installation of fabricated structures and client provided equipment, removal of existing flares, offshore hook-up and commissioning. Offshore activities will mainly be performed by the Saipem 3000 between the second and fourth quarter of 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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