Saipem secures new contracts worth $190m

WCN Editorial Team 25 Apr 2018 EUROPE BUSINESS

Italian company Saipem has secured new contracts in offshore drilling and offshore engineering and construction (E&C), worth approximately $190m, from various companies.

The company will deploy its sixth-generation semi-submersible rig Scarabeo 8 for offshore drilling.

Drilling will take place offshore Norway and will last 10 months.

The first contract is from Norske Shell to drill an optional well using the semi-submersible rig. The work pertains to a contract previously assigned and announced in December 2017.

The second contract is from Total E&P Norge for the drilling of a well in direct continuity with the completion of the operations conducted for Norske Shell.

The Italian company has won an additional contract from Aker BP for the drilling of four wells and two optional wells.

Operations are expected to begin by the end of the fourth quarter of 2018 after the completion of operations for Total E&P Norge.

In the offshore E&C sector, Saipem has been secured a project from ConocoPhillips for decommissioning in the UK sector of the North Sea.

Saipem has also won a new project from Aramco Gulf Operations Company (AGOC) and Kuwait Gulf Oil Company (KGOC), jointly operating as Al Khafji Joint Operations (KJO).

Works comprise engineering, construction, offshore installation and commissioning of a new crude transmission line in the Arabian Gulf.

Saipem CEO Stefano Cao said: “The new contracts in offshore drilling confirm the strategy of the company in this segment, aimed at consolidating relationships, including with new customers, while awaiting a further recovery of this market.

“Moreover, through the new awards in offshore E&C, Saipem is further reinforcing its presence and solid expertise in a strategic business such as decommissioning.”

Saipem provides services in drilling, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil and gas market.

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