Italian oilfield services provider Saipem and Saudi oil and gas giant Saudi Aramco will explore the possibility of setting up a potential new company in Saudi Arabia for offshore engineering and construction operations.
Saipem has signed a Memorandum of Understanding (MoU) with Saudi Aramco aimed at exploring the possibility to establish a new entity in Saudi Arabia for the execution of engineering and construction activities in the energy and infrastructures industrial sector.
Announcing the initiative on Tuesday, Saipem said it was taken in the frame of Saudi Aramco’s Nama’at Investment Industrial Program, focused on building capacity in four key sectors: sustainability, technology, industrial and advanced materials.
The agreement entails the potential creation, in partnership with local entities, of an “EPC National Champion” capable of executing, in-Kingdom, the full range of Engineering, Procurement and Construction (EPC) project activities, while maximising the employment of local resources.
Saipem pointed out it has a long-standing collaboration with Saudi Aramco, including the execution of a wide set of activities, from onshore and offshore engineering and construction to drilling activities, with onshore and offshore rigs.