Saipem Seals Services Deals Worth $400MM



Saipem Seals Services Deals Worth $400MM
Saipem signs new offshore engineering and construction contracts in Azerbaijan, the North Sea and the Republic of Congo worth a total of approximately $400 million.

Saipem revealed Monday that it has signed new offshore engineering and construction (E&C) contracts in Azerbaijan, the North Sea and the Republic of Congo worth a total of approximately $400 million.

In Azerbaijan, Total awarded a subsea umbilicals flowlines and risers (SURF) contract to the consortium between Saipem’s subsidiary, Saipem Contracting Netherlands BV, Boshelf LLC and Star Gulf FZCO, for the development of the Absheron field.

Saipem was also assigned by Humberside Gathering System Limited, on behalf of the Tolmount Development Partners (Premier Oil and Dana Petroleum) a contract for pipeline engineering, procurement, construction and installation (EPCI) works in relation to the development of the Tolmount Main gas field, located in the Southern North Sea.

Through its subsidiary Boscongo SA, Saipem was also awarded a modification, maintenance and operations (MMO) contract by Eni Congo SA for the provision of maintenance services, modifications and improvements on all Eni Congo offshore sites in the Republic of Congo over a 36-month period.

“These new offshore contracts confirm Saipem’s success in achieving its strategy aimed at consolidating its leadership in traditional markets, such as SURF, conventional and pipelines, as well as at diversifying its business in non-oil capex segments, such the modifications maintenance operations market,” Stefano Porcari, Chief Operating Officer of Saipem’s E&C Offshore Division, said in a company statement.

“The SURF contract, in particular, confirms the importance of Azerbaijan, where we have been working with continuity for several years, bringing our expertise to create an enduring and fruitful relationship in the country as well as contributing and consolidating our local content endeavor,” he added.

Back in August, Saipem announced that it had been awarded services deals worth around $700 million, including SURF contracts for the Liza Phase 2 development by ExxonMobil. In July, the company revealed that it had been awarded onshore E&C contracts in Saudi Arabia, Serbia, Mexico, Iraq and Nigeria worth approximately $800 million.

Saipem reported revenues of $4.4 billion (EUR 3.798 billion) for the first half of the year.



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