Italy's Saipem Secures $1B Offshore Contracts in Saudi Arabia

04 Sep, 2024

Italy's Saipem Secures $1B Offshore Contracts in Saudi Arabia

Italian oil and gas company Saipem has secured two significant offshore contracts in Saudi Arabia with a combined value of approximately $1 billion. These contracts are part of Saipem's existing Long-Term Agreement with Saudi Aramco. The first contract entails engineering, procurement, construction, and installation (EPCI) of three production deck modules (PDMs), 33 kilometers of subsea rigid pipelines, and 34 kilometers of subsea power cables in the Marjan oil and gas field.

The second contract covers the EPCI of three jackets, five PDMs, 22 kilometers of subsea rigid pipelines, five kilometers of subsea flexible pipelines, and 35 kilometers of subsea power cables. These infrastructures will be deployed in the Zuluf and Safaniyah oil fields. Saipem will utilize its construction vessels, currently operating in the region, for the offshore components of these projects.

Fabrication will be carried out at Saipem’s Saudi fabrication yard, Saipem Taqa Al-Rushaid Fabricators Co. Ltd., enhancing the capabilities of the local industry. These new contracts reinforce Saipem’s position in Saudi Arabia and bolster its longstanding partnership with Saudi Aramco, underscoring the company's commitment to regional development and local industry growth.