BAKU, Azerbaijan, September 5. Italian engineering firm Saipem has secured two offshore contracts in Saudi Arabia worth $1 billion under its existing long-term agreement with Aramco, TurkicWorld reports.
The first deal includes the engineering, procurement, construction, and installation – or EPCI – of three production deck modules, 33 km of subsea rigid pipelines, and 34 km of subsea power cables, all to be installed in the Marjan oil and gas field, according to a press release.
The second contract covers the EPCI of three jackets, five production deck modules, 22 km of subsea rigid pipelines, 5 km of subsea flexible pipelines, and 35 km of subsea power cables, set for the Zuluf and Safaniyah oil fields.
This comes as the Milan Stock Exchange-listed firm aims to strengthen its presence in the Middle East. The award of two major offshore contracts further consolidates Saipem’s positioning in the region.
The contracts also bolster its presence in the Kingdom and reinforce its longstanding partnership with Aramco.
The statement also revealed that Saipem will utilize its regional construction vessels for the offshore segments of both projects. Fabrication will occur at its Saudi yard, Saipem Taqa Al-Rushaid Fabricators Co. Ltd., aimed at boosting local industry capabilities.
These new deals follow a July contract in which Saipem was awarded two offshore projects under the existing long-term agreement with Aramco, totaling approximately $500 million.
The first project involved the EPCI of a 50-km crude trunkline with a 42-inch diameter for the Abu Safa Field. The second project encompassed production maintenance programs for the Berri and Manifa Fields.
In 2023, Gulf International Bank - Saudi Arabia extended a $285.3 million credit facility, announced as a letter of guarantee, to support Saipem’s ongoing activities in the Kingdom.
The company secured $1.25 billion in onshore and offshore contracts across the Middle East in 2022.
Established in 1957, Saipem is a leading oil and gas contractor with nearly 50 years of experience in Saudi Arabia, delivering onshore, offshore, and drilling projects. The company operates seven fabrication yards, an offshore fleet of 21 construction vessels, and 15 drilling rigs.
Saipem is active in over 50 countries and employs around 30,000 people from more than 120 nations.
