Saipem awarded $1.25bn in onshore and offshore contracts in the Middle East
A mix of contract extensions and new contracts have been awarded to the contractor
Saipem has said that it has been awarded onshore and offshore contracts worth $1.25bn across the Middle East region.
In a statement, Saipem explained that the first group of contracts concerns the extension of onshore drilling contracts in the Middle East for an overall amount of approximately $600mn. The awards relate to the ten-year extension of existing contracts regarding four land-rigs located in the Middle East.
The land rigs, with power ranging from 1,500 to 2,000HP, will be employed for exploration and production activities in various oil and gas fields, in continuity with operations under execution in the area, it added.
In addition, the company said that it has been selected to be awarded four new contracts in the Middle East. The scope of work of the contracts encompasses the engineering, procurement, construction and installation of several offshore jackets, decks, subsea pipelines, subsea composite cables, umbilicals, fibre optic cables and brownfield modifications. The combined value of these contracts is approximately $650 million, it noted.
In March 2020, Saipem and AHQ signed an agreement to set up a JV firm in Saudi Arabia, while in February 2021, the firm was awarded a $1.7bn offshore project by Qatargas. In June, ADNOC awarded a $510mn EPC contract to Saipem for the Shah gas plant upgrade.
