Saipem secures offshore contracts worth US$720m in Middle East and Guyana

A construction support vessel moored next to a production satellite platform while performing an installation project (Photo: AdobeStock)

The first contract includes the engineering, procurement, construction and installation (EPCI) for the repair of damaged subsea pipelines for a major client in Middle East. The duration of the project is expected to be 3 years.

The second contract from ExxonMobil Guyana Limited is a temporary agreement (Limited Notice to Proceed (LNTP)) issued while awaiting government and regulatory approvals. This contract covers the design, procurement, construction, and installation of underwater equipment, pipelines, and other structures needed for oil production and gas export at the planned Hammerhead oil field in offshore Guyana’s Stabroek block.

The LNTP allows Saipem 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 performance of the remaining activities (i.e., construction and installation) provided by the contract is subject to government and regulatory approval as well as project sanction by ExxonMobil Guyana Limited and its Stabroek Block coventurers.

Saipem will perform the operations by using a variety of construction and support vessels, including Saipem FDS2.