Saipem awarded additional E&C works, drilling contracts worth $380 million

12/25/2017

MILAN -- Saipem has signed a contract with Eni Angola S.p.A. in relation to the West Hub Development project in Angola, which incorporates the work orders previously assigned and communicated in 2016 and 2017 and adds the scope of work for the development of Vandumbu field in Block 15/06.

The additional activities will be carried out by the Offshore E&C division and encompass the engineering, procurement, construction and installation required for the development of the Vandumbu subsea field at deepwater depths ranging from 1,300 to 1,500 m. Overall the project includes the realization of two production pipelines made of special material, and the laying of umbilicals and service lines of various diameters (Subsea, Umbilicals, Risers & Flowlines - SURF).

In addition, Saipem has been awarded a new contract in the Gulf of Mexico involving the Transportation & Installation of the compression platform CA-KU-A1 on behalf of Dragados Offshore de Mexico S.A. de C.V. (DOMSA). Operations will be carried out by the semi-submersible vessel Saipem 7000.

Furthermore, Saipem has been awarded new contracts in Offshore Drilling, in two areas of primary interest for the company. A/S Norske Shell has assigned the drilling of one well, plus an optional well, offshore Norway. Drilling works will be carried out by the 6th generation semisubmersible Scarabeo 8, commencing in the second quarter of 2018 and lasting two months.

In the Arabian Gulf, Saipem will carry out drilling activities for the National Drilling Company (NDC) using the high specs jackup Perro Negro 8 for a period of ten months beginning in late 2017.

Finally, Saipem has obtained contracts also in Onshore Drilling, in Kazakhstan, Romania, Argentina and Bolivia, thereby consolidating its geographical diversification in this sector of activity.

The combined value of the above contracts is approximately $380 million.

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