Saipem Snags Nigeria LNG Train 7 Project Contracts
Saipem, in a joint venture with Daewoo E&C Co. Ltd. and Chiyoda Corp., has won EPC contracts with Nigeria LNG Ltd. for the Nigeria LNG Train 7 Project at the Bonny Island LNG complex in Nigeria. The value of the contracts is over $4 billion and Saipem’s share is approximately $2.7 billion.
The NLNG Train 7 Project consists of the construction of one complete LNG train and one additional liquefaction unit with a total capacity of approximately eight (8) MTPA, plus other extensive associated utilities and infrastructures.
Saipem is the leader in the joint venture with a 60% share.
Nigeria LNG Ltd. is a limited liability company whose main shareholders are the Nigerian National Petroleum Corp., Shell Gas B.V., Total Gaz Electricité France and Eni International (N.A.) N.V.S.a.r.l.
“This new project in Nigeria - where we have been operating for over 50 years - confirms our ability to build solid relationships, qualifying Saipem as a global company,” Stefano Cao, Saipem’s CEO, said in a written statement. “It also proves the validity of the management methods of Covid-19 emergency thanks to the flexibility of our organizational model and the practice of our people to work remotely. The investment decision by Nigeria LNG, which includes several important energy companies, demonstrates that natural gas, in whose value chain Saipem has a recognized leadership, will be pivotal to the energy transition. The award of this contract contributes to increase the portion of non-oil-related backlog and confirms the overcoming of the link between Saipem’s share value and oil price.”
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