Saipem collects $900 million in new contracts

Saipem collects $900 million in new contracts

Italian oilfield services provider Saipem has secured two contracts, one in Brazil and one in Norway, for a total amount of approximately $900 million.

Castorone. Source: Saipem

The first contract was secured with TotalEnergies in partnership with Aker Solutions do Brasil for the Lapa South-West development project, a deepwater oil field in the Santos Basin, located 270 kilometers off the coast of São Paulo, in Brazil.

The scope includes the engineering, procurement, construction, and installation (EPCI) of subsea umbilicals, risers, flowlines (SURF) as well as a subsea production system (SPS).

The Lapa South-West project will be developed through three wells, connected to an existing FPSO – located 12 kilometers away – currently producing in the northeast part of the Lapa field since 2016. The development represents an investment of approximately $1 billion.

Saipem plans to maximize local content by making use of its yard Guarujá Centro de Tecnologia e Construção Offshore (CTCO) for logistics activities and quad joints fabrication and some other manufacturing activities.

The company won the other contract with Equinor for the Irpa Pipeline project, located in deep waters in the Norwegian Sea.

It consists of the installation of an 80-kilometer-long swagged pipe-in-pipe pipeline connecting the subsea production template of the Irpa field to the existing Aasta Hansteen platform.

The offshore operations are planned to take place in 2025 and will be performed by the Castorone vessel.

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From most recent contract wins, it is worth mentioning that at the end of 2022 Saipem secured new offshore contracts with a total value of approximately $1.2 billion for work in Guyana and Egypt.

The first contract was awarded by ExxonMobil for the Uaru oil field development project, offshore Guyana, while the second contract was awarded by Petrobel for the transportation, installation and pre-commissioning of umbilicals for the Zohr field in Egypt.