Saipem, in joint venture with CTCI Corporation, has won a $925m onshore engineering and construction (E&C) contract from PTT LNG Company the engineering, procurement, construction and commissioning of the Nong Fab terminal for the receipt, storage and regasification of liquefied natural gas (LNG) in Thailand.
Saipem, the leader of the joint venture, will have a 55% stake in the contract, amounting to $500m.
PTT LNG is a subsidiary of PTT Public Company, Thailand’s national oil and gas company.
The project will be established in Mueang Rayong district in south-east Thailand.
Saipem CEO Stefano Cao said: “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.
“Furthermore, this contract represents a step forward towards achieving greater balance in our portfolio, between downstream and gas projects and those linked to upstream.”
Earlier in June 2018, Rete Ferroviaria Italiana (Gruppo FS Italiane) and the Cepav due consortium, of which Saipem currently holds a 59% stake, signed a contract for the construction of the first route section of the high speed/high capacity Brescia-Verona subsection for €1,645m. The total value of the Brescia-Verona section is €2,160m.
The contract involves the construction of 48km of the railway line, including 2.2km of the interconnection to the Verona freight yard, connecting with the Verona-Brennero subsection, and crosses the regions of Lombardy and Veneto, particularly the provinces of Brescia, Mantua and Verona.
Earlier, through the Cepav due consortium, Saipem participated in the laying of the 39km Treviglio-Brescia line and an additional 11.7km of interconnections with conventional lines in the framework of the Milan-Verona line.
Saipem is involved in drilling services as well as in the engineering, procurement, construction and installation of pipelines and complex onshore and offshore projects in the oil and gas market.