Saipem forms energy transition services joint venture

Italian oilfield services provider Saipem and consulting and advisory services provider Hyperion Systems Engineering have joined forces to create a new company specialised to support clients in the energy transition.

Illustration; Source: Saipem

Saipem said on Wednesday that the new jointly controlled company would be named Saipem-Hyperion EastMed Engineering and would be based in Cyprus.

According to the Italian firm, the new company will provide highly specialized consultancy and engineering services for energy and infrastructure industries in the Eastern Mediterranean region.

It will support clients to boost their business and achieve their energy transition goals providing smart, sustainable and low environmental impact energy solutions.

Thanks to an extensive product portfolio based on the technologies and capabilities of Saipem and Hyperion, the new company is eager to develop valuable relationships with its local customers, partners, and stakeholders”, the company said.

Luca Brunetto, head of business development and commercial strategies of Saipem’s XSIGHT division, dedicated to project definition services, stated: “The new company allows Saipem to consolidate its presence in the East Mediterranean area and to contribute to the energy development of the region.

This joint project with Hyperion, a company with many years of activity and a deep knowledge of the local context, creates the basis for seizing new business opportunities and increases our ability to provide services in the strategic EastMed market”.

Symeon Kassianides, Hyperion group chairman and CEO, added: “Our goal is to create a regional engineering and services powerhouse that brings together Saipem’s extensive and valuable experience with Hyperion’s many years of successful experience in advanced solutions and specialized engineering.

This is also a material step forward in strengthening the position of Cyprus as an East Mediterranean engineering and services hub”.

Stavros Spanos, Saipem-Hyperion Eastmed Engineering interim CEO, said: “We are enthusiastic about the launch of Saipem-Hyperion Eastmed Engineering. We are already open for business and have started exploring specific initiatives”.