Saipem, Daewoo ink onshore LNG cooperation agreement

Italian oil and gas industry contractor Saipem has signed a strategic agreement with and Daewoo E&C for cooperation on targeted worldwide opportunities in the onshore oil and gas industry, with specific emphasis on the LNG sector.

Image courtesy of Saipem

Saipem said on Monday that the two companies would enhance and capitalize on complementarity and synergies across the whole EPC value chain and establish “a key player capable of delivering superior solutions in global LNG construction.”

Maurizio Coratella, COO of Saipem’s onshore E&C division, said: “This strategic agreement with Daewoo will leverage our distinctive competencies in high-end projects, particularly in LNG, and our proven operational experience to support the corporate goals of our customers around the world.

LNG is strategic for us, and we are definitively focusing on it to consolidate our onshore E&C activities and results.

Kwangho Kim, COO of the Daewoo’s E&C plant division, added: “Moreover, Daewoo E&C in a joint venture with Saipem has been nominated as a preferred bidder for the EPC of the Nigeria LNG Train 7 last September, and Daewoo E&C is proud to demonstrate its meaningful entrance into the LNG engineering sector to the market.