Saipem joins JV for construction of three trains for Arctic LNG 2 project
- Business & Finance
Italian oilfield services contractor Saipem has joined the JV for the realization of the Arctic LNG 2 project with a share worth approximately €2.2 billion ($2.4B).
Saipem said on Friday it had reached an agreement with Technip France SA and NIPIgaspererabotka to participate in the Joint Venture for the realization of the Arctic LNG 2 project located in the Gydan peninsula in West Siberia, Russia.
The project has been awarded by Arctic LNG 2, a company formed by Novatek JSPC (60%) and Ekropromstroy Ltd (40%).
It comprises the detailed design, procurement, fabrication, construction, commissioning and start-up of three liquefied natural gas (LNG) trains, each with a capacity of approximately 6.6 million tons per year (MTPA), which will be installed on Concrete Gravity Based Structures (GBS).
Saipem is currently designing and building the GBS in the framework of the contract announced in December 2018.
Saipem said that the new LNG trains would be realized in the Tazovsky district located in the autonomous administrative region of Yamal – Nenets, in the western part of the Gydan peninsula (Russian Federation).
The contract will be executed under lump sum and reimbursable basis. Saipem has been assigned a share of the project worth approximately 2.2 billion Euro.
Stefano Cao, Saipem CEO, commented: “Involvement in the works for the construction of the three trains for the Arctic LNG 2 project, following the awards of the contracts for the Gravity Based Structures with the same client and the LNG Mozambique Project with Anadarko, reaffirms Saipem’s strategic choice to consolidate its leadership across the entire natural gas value chain.”
It is worth reminding that, earlier this year, TechnipFMC was awarded a major Engineering, Procurement and Construction contract by Novatek and its partners for the Arctic LNG 2 project. TechnipFMC will also execute this project under a lump sum and reimbursable basis. It will cover the EPC of the three LNG trains and associated topsides, which will be manufactured on a modular basis in Asian and Russian yards.
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