Saipem Bags Pair of Deals Worth $850MM

Saipem Bags Pair of Deals Worth $850MM
Saipem has secured two new offshore contracts, one in the Black Sea and one in the North Sea, worth $850 million combined.
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Saipem has secured a pair of offshore contracts with a combined value of around $850 million.

One contract is for an Engineering, Procurement, Construction and Installation (EPCI) project in the Black Sea, while the other one is for decommissioning activities in the North Sea.

Saipem said that the first contract has been assigned by Turkish Petroleum OTC for the second phase of Sakarya FEED and EPCI project and entails the Engineering, Procurement, Construction and Installation of a 16” pipeline, 175 km (109 miles) long, at 2,200-meter (7,200 feet) water depth, in the Turkish Black Sea waters.

Offshore operations are to begin in summer 2024 and will be conducted by Saipem’s flagship vessel Castorone. Saipem has recently completed with success the first phase of Sakarya Gas field development project, awarded by Turkish Petroleum OTC in 2021.

The contract entailed the transportation and installation of pipelines to 7,200-foot water depth. The offshore operations kicked off in spring 2022 and were conducted mainly by the Castorone vessel.

The second, newly awarded contract has been assigned by EnQuest Heather Limited for the decommissioning of the existing Thistle A Platform, located in the UK sector of the North Sea, around 510 kilometers (317 miles) northeast of Aberdeen, in a water depth of 162 meters (531 feet).

Saipem noted in its statement that its activities entail the engineering, preparation, removal and disposal of the jacket and topsides, with possible extension to further subsea facilities. The activities will be carried out by the Saipem 7000, one of the largest semi-submersible heavy lifting vessels in the world.

“These important awards demonstrate Saipem’s excellent competitive positioning in the offshore engineering and construction market, a sector that is experiencing a full expansion momentum of which Saipem is ready to seize the opportunities. The contract awarded in the Black Sea is a confirmation of Saipem’s prominent positioning and of its long-standing relationships with clients. The North Sea contract, finally, is a further example of Saipem’s capabilities in a segment where the combination of innovative engineering, unique assets and safe operations is crucial,” Fabrizio Botta, Saipem Chief Commercial Officer, commented.

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