Azerbaijan, South America Award Saipem $1.1 B in Offshore Contracts


Following its $1.2 billion award in onshore contracts yesterday, Saipem has won three new offshore contracts for a total amount in excess of US $1.1 billion. The three contracts have been awarded in Azerbaijan, Brazil and Venezuela respectively.


Saipem has signed with BP Exploration (Caspian Sea) Ltd the Underwater Service Contract Long term Agreement. Saipem will be responsible for the activities required for the inspection, maintenance and repair of the existing BP facilities in the Azeri offshore, including the platforms installed by Saipem in the previous years. The contract has a duration of 5 years, which BP has an option to extend by 2 years.


Petrobras awarded the contract for the Urugua-Mexilhao pipeline. Saipem will transport, install and test an 18", 174-kilometer long gas pipeline in the Santos Basin, offshore Brazil. The pipeline will link the floating production, storage and offloading vessel Urugua, located in the Exploratory Block BS-500 in a approximately 1300 meters water depth, to the Mexilhao gas platform in the Mexilhao field in 172 meters water depth. Project activities are scheduled to finish in the first half of 2010.


PDVSA Gas S.A. awarded Saipem the contract for the Dragon -- CIGMA pipeline in the Mariscal Sucre complex in offshore north-east Venezuela. Saipem will transport and install a 115-kilometer, 36-inch gas export line connecting a platform located in the Dragon field to PDVSA's CIGMA complex on the southern side of the Paria peninsula, in the state of Sucre. Marine activities will be mainly carried out by the Semac pipelayer vessel and are scheduled to be completed by the end of 2009.