Saipem Secures New Contracts In Middle East, Guyana

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 2. Saipem has been awarded new contracts in the Middle East and Guyana, with a combined value of approximately $720 million, reinforcing its expertise in offshore engineering and construction, Trend reports via the company.

The first contract covers engineering, procurement, construction, and installation (EPCI) services for repairing damaged subsea pipelines for a major client in the Middle East. The project, set to last three years, highlights the growing importance of maintaining existing offshore fields. This initiative aligns with Saipem's broader portfolio, which includes Engineering, Procurement, Construction, Installation & Commissioning (EPCIC) and Engineering, Preparatory works, Removal, and Disposal (EPRD) services.

In Guyana, Saipem has received a Limited Notice to Proceed (LNTP) from ExxonMobil Guyana Limited for the proposed Hammerhead oil field development. The contract, pending government and regulatory approvals, involves the EPCI of subsea structures, umbilicals, risers, and flowlines (SURF) for the production facility and gas export system in the Stabroek Block, at a water depth of approximately 1,000 meters.

The LNTP enables Saipem to commence early activities such as detailed engineering and procurement, ensuring an accelerated project startup in 2029 if full approval is granted. The execution of construction and installation phases remains contingent upon government clearance and project sanctioning by ExxonMobil and its Stabroek Block co-venturers.

Operations will be carried out using Saipem's advanced fleet, including the Saipem FDS2 vessel. Logistics and execution will be managed entirely in Guyana through the Vreed-en-Hoop Shorebase Inc. (VEHSI) yard, contributing to local employment and content development. The project's estimated duration is four years.

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