Saipem Nets $1B+ Qatargas Deal
Saipem (BIT: SPM) has revealed that it has received a letter of award for a new contract from Qatargas worth over $1 billion.
The deal, which is related to the North Field Production Sustainability Pipelines Project, entails the engineering, procurement, construction, and installation (EPCI) of offshore export trunklines and related onshore tie-in works. It is part of the development of the North Field production plateau, which also includes an EPCI deal for offshore facilities that was previously awarded to Saipem in February.
The scope of work for the latest award includes three export trunklines, associated onshore tie-in works, and brownfield activities on existing onshore and offshore facilities. Saipem said it will enhance the overall project execution, comprising both deals, by combining relevant planned schedules and project management and noted that it will start activities immediately. Project completion is expected by mid-2024.
“This additional contract awarded by our key client Qatargas strengthens our consolidated relationship and represents a further proof of the trust in Saipem’s ability to deliver challenging projects and is a sign of success of our positioning strategy in Qatar,” Stefano Porcari, Saipem’s E&C Offshore Division Chief Operating Officer, said in a company statement.
“We are very proud to increase our contribution to such a strategic development for the country,” he added in the statement.
Last month, Saipem announced that it had received, from Qatargas, a letter of award for the development of the North Field Production Sustainability Offshore Project. The contract was said to be worth approximately $1.7 billion.
Saipem describes itself as a leading company in engineering, drilling, and construction of major projects in the energy and infrastructure sectors. The business reported revenues of $8.7 billion (EUR 7.3 billion) and a loss of $1.3 billion (EUR 1.1 billion) in 2020.
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