Saipem Secures $150 Million Contract For Exxonmobil Project

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 22. Italian engineering and construction company Saipem has received a Limited Notice to Proceed (LNTP) valued at approximately $150 million from ExxonMobil's Guyana subsidiary for the Longtail development in the Stabroek Block offshore Guyana, Trend reports via Saipem.

The scope covers engineering, procurement, construction, and installation (EPCI) of subsea structures, umbilicals, risers, and flowlines (SURF) for the project, located at water depths of around 1,750 metres.

The LNTP enables Saipem to begin preliminary detailed engineering and procurement work. However, full execution of the offshore EPCI scope-including construction and installation activities-remains subject to regulatory approvals and a final investment decision (FID) by ExxonMobil Guyana Limited and its Stabroek Block co-venturers.

Once sanctioned, the full contract is expected to last approximately four years, with a total estimated value ranging between $750 million and $1.5 billion.

Saipem noted that it has already been active in the Stabroek Block, working on seven offshore development projects for ExxonMobil Guyana, including Liza Phase 1, Liza Phase 2, Payara, and Yellowtail, four of which have already been completed.

The company is a global engineering and construction contractor for energy and infrastructure projects, with operations across more than 50 countries and a workforce of around 30,000 employees.

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