Saipem lands $720m Mideast, Guyana offshore contracts
RIYADH, 22 hours, 13 minutes ago
Saipem, a global leader in the engineering and construction sector, has secured new offshore contracts in the Middle East and South American nation of Guyana for a total amount of $720 million.
Announcing the big contacts, Saipem said the first one will see the group provide engineering, procurement, construction and installation (EPCI) services towards repairing damaged subsea pipelines for a major client in the Middle East. The project is expected to last 3 years.
The second contract is a Limited Notice To Proceed (LNTP) by ExxonMobil Guyana, pending necessary government and regulatory approvals.
It involves the EPCI of subsea structures, umbilicals, risers and flowlines (SURF) for the production facility and gas export system of the proposed Hammerhead oil field development project, located offshore Guyana.
The LNTP allows the Italian construction major to start early work activities, namely detailed engineering and procurement, to ensure the earliest possible project startup in 2029, should the project receive the necessary government approvals.
The company will use various vessels, including Saipem FDS2, with logistics executed and managed in Guyana, generating employment and local content opportunities for the Guyanese. The entire work will be completed in 4 years.-TradeArabia News Service
