Saipem secures offshore contracts worth USD 720 million

Saipem secures offshore contracts worth $720 million

MILAN, April 2, 2025 – Saipem has been awarded new contracts in the Middle East and Guyana with a total value of around USD 720 million, the company said on Wednesday.

The first contract covers engineering, procurement, construction and installation (EPCI) activities for the repair of damaged subsea pipelines for a major client in the Middle East. The project, which is expected last three years, highlights the growing focus on maintaining existing offshore fields, a core component of Saipem’s portfolio alongside its EPCIC and engineering, preparatory works, removal and disposal (EPRD) business.

The second contract is a limited notice to proceed from ExxonMobil Guyana, subject to government and regulatory approvals. It involves EPCI work for subsea structures, umbilicals, risers and flowlines (SURF) for the production facility and gas export system of the proposed Hammerhead oilfield development in the Stabroek block offshore Guyana, at a depth of around 1,000 metres.

The LNTP allows Saipem to begin early work, including detailed engineering and procurement, to enable the project’s earliest possible start-up in 2029, contingent on government approvals. Full execution of construction and installation activities depends on approvals and final investment decision by ExxonMobil Guyana and its Stabroek block co-venturers.

Saipem will use various construction and support vessels, including Saipem FDS2, for the operations. All logistics will be handled in Guyana via the Vreed-en-Hoop Shorebase yard, creating employment and local content opportunities for Guyanese. The project is expected to last four years.

Photo courtesy of Saipem

Read our latest insights on: