$925 million contract for Saipem
08 June 2018
Italian-based contractor Saipem, in a joint venture with CTCI Corporation, has been awarded a new contract in the onshore engineering and construction sector in Thailand for an overall value of approximately US$925 million.
Saipem will operate as leader of the joint venture which has been assigned the contract with a stake of 55%, meaning Saipem’s share is around $500 million.
The contract has been awarded by PTT LNG Company Limited, a subsidiary of PTT Public Company Limited, Thailand’s national oil and gas company. The project is based in the Mueang Rayong district, in the south-east of the country.
Works include the engineering, procurement, construction and commissioning of the Nong Fab terminal, with a maximum receiving capacity of 9 MMTPA, for the receipt, storage and regasification of liquefied natural gas.
Stefano Cao, Saipem CEO, commented: “As well as consolidating Saipem’s presence in an area with great prospects for development such as South-East Asia, the signing of this contract strengthens our position in the LNG sector which is of interest to us in terms of both the liquefaction and regasification segments.”
STAY CONNECTED
Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.