Saipem Signs New Deal Worth Around $750MM

Saipem Signs New Deal Worth Around $750MM
Saipem's latest deal is one of multiple several hundred million dollar contracts announced in November.

Saipem has revealed that it has signed a new engineering, procurement and construction (EPC) contract, worth approximately $750 million, with Saudi Aramco on the Jafurah Development Program in Saudi Arabia.

The project involves the construction of a hydrocarbon collection system and the transport of gas and condensate to the new Jafurah plant in the Eastern Province of the country, as well as the construction of a system to transport water associated with the separation of treated gas, Saipem outlined. The deal includes the engineering, supply of materials, construction and commissioning of approximately 520 miles of pipelines for the transportation of gas, condensate and production water, Saipem highlighted.

“The award of this new project from Aramco consolidates a long-standing relationship and Saipem's strategic positioning in the Middle East,” Francesco Caio, Saipem’s chief executive officer, said in a company statement. 

“The agreement confirms the trust and appreciation of our customers in the project management capacity and in the cutting-edge engineering and technological services that Saipem is able to offer,” he added in the statement.

Saipem’s latest deal is one of multiple several hundred million dollar contracts announced in November. On November 22, the company revealed that it had been awarded a new SURF EPCI contract for the installation of a rigid riser-based subsea system for the Búzios 7 project by Petrobras, which was said to be worth around $940 million. On November 15, Saipem announced that it had been awarded two new offshore deals for transportation and installation activities for a total amount of over $600 million.

Saipem describes itself as an advanced technological and engineering platform for the design, construction and operation of safe and sustainable complex infrastructure and plants. The company operates in over 60 countries around the world and has 32,000 employees from 130 different nationalities, its website highlights.

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