Saipem wins two Saudi offshore oil contracts worth US$1bn

Offshore oil platform in the Persian Gulf. (Image: Adobe Stock)

Both involve EPCI (engineering, procurement, construction and installation) work at a total value of US$1 billion, the company said. State-owned energy company Saudi Aramco (also known as Saudi Arabian Oil Company) delivered the contracts under a long-term agreement with Saipem.

Saipem said scope of work under the first contract involves EPCI of three production deck modules (PDM), 33km of subsea rigid 12-in- and 16-in-diameter pipelines and 34km of subsea power cables at Marjan oil and gas field in the Persian Gulf.

The second contract involves EPCI of three jackets, five PDM, 22km of subsea rigid 16-in-diameter pipelines, 5km of subsea flexible pipelines and 35km of subsea power cables at Zuluf and Safaniyah oil fields also in the Persian Gulf.

“The fabrication related to the projects will be executed at Saipem’s Saudi fabrication yard, Saipem Taqa Al-Rushaid Fabricators, aiming to increase and develop the capabilities of local industry,” said Saipem.

A timeline for the project was not available.