Saipem wins a new offshore contract worth approximately € 1 billion for the conversion and operation of a FPSO vessel

Saipem has been awarded a contract for the supply and operation of a FPSO vessel (Floating Production Storage and Offloading) worth approximately 1 billion euro. The contract, awarded by Eni, encompasses the conversion of a wholly owned oil tanker into a FPSO vessel, for which Saipem will provide the installation and the operation management. The FPSO vessel will have a storage capacity of 700,000 barrels and a production capacity of 12,000 barrels of oil per day. Production activities will start in the fourth quarter of 2011.