Italian multinational Saipem has announced the acquisition of new contracts in the Middle East and Guyana, collectively valued at approximately $720 million.
In the Middle East, Saipem will undertake engineering, procurement, construction, and installation (EPCI) services for the repair of damaged subsea pipelines for a major client.
The project is slated to last three years and underscores the significance of maintaining existing offshore fields, complementing Saipem's portfolio in EPCIC (Engineering, Procurement, Construction, Installation & Commissioning) and EPRD (Engineering, Preparatory works, Removal and Disposal) services.
In Guyana, Saipem has received a Limited Notice To Proceed (LNTP) from ExxonMobil Guyana Limited, pending necessary government and regulatory approvals. This contract involves EPCI activities for subsea structures, umbilicals, risers, and flowlines (SURF) for the proposed Hammerhead oil field development project, located in the Stabroek block offshore Guyana at a water depth of approximately 1,000 meters.
The LNTP permits Saipem to commence early work activities, including detailed engineering and procurement, aiming for project startup in 2029, contingent upon obtaining the requisite approvals.
Saipem plans to utilize various construction and support vessels, including the Saipem FDS2, for these operations. Logistics will be managed entirely in Guyana through the Vreed-en-Hoop Shorebase Inc. (VEHSI) yard, fostering employment and local content opportunities for Guyanese personnel. The project is expected to span four years.
Saipem is an Italian multinational company specializing in engineering, drilling, and construction services for the energy and infrastructure sectors. Saipem has a global presence and is involved in both onshore and offshore projects, offering services that encompass the entire lifecycle of oil and gas fields.
ExxonMobil Guyana Limited is a subsidiary of ExxonMobil, one of the world's largest publicly traded international oil and gas companies. ExxonMobil Guyana is a key operator in the Stabroek block offshore Guyana, where it has made significant oil discoveries and is developing multiple oil fields.