Saipem Makes Global Onshore Deal with Daewoo

Saipem reported Monday that it has signed a strategic agreement with Daewoo E&C to cooperate on targeted worldwide onshore oil and gas opportunities, focusing on liquefied natural gas (LNG) sector projects.

Under the strategic alliance, Saipem and Daewoo will combine their assets and expertise in engineering, procurement and construction (EPC) of onshore facilities, Saipem noted in a written statement emailed to Rigzone. Also, Saipem stated the deal will enable both firms to capitalize on their complementarity and synergies across the EPC value chain and become a “key player” in global LNG construction.

“This strategic agreement with Daewoo will leverage our distinctive competencies in high-end projects, particularly in LNG, and our proven operational excellence to support the corporate goals of our customers around the world,” commented Maurizio Coratella, chief operating officer of Saipem’s Onshore E&C Division. “Saipem has a historical presence in the LNG sector, a high value-added line, where only qualified operators can work for technological complexity.”

Coratella also noted that LNG is “strategic” for Saipem, adding that it is a focus area for the firm to consolidate its onshore engineering and construction (E&C) activities and results.

“Through this strategic agreement with Saipem, internationally recognized engineering firm, our superior capability especially in LNG construction has been recognized worldwide and obtained the momentum to enhance its engineering capability,” Kwangho Kim, chief operating officer of Daewoo E&C’s Plant Division, stated. “Moreover, Daewoo E&C in joint venture with Saipem has been nominated as a preferred bidder for the EPC of the Nigeria LNG Train 7 last September and Daewoo E&C is proud to demonstrate its meaningful entrance into the LNG engineering sector to the market.”

To contact the author, email mveazey@rigzone.com.