Saipem awarded new offshore contracts for a total amount of approximately 720 million USD

Saipem has been awarded two new contracts in the Middle East and Guyana, with a combined value of approximately USD 720 million, reinforcing its strategic presence in key offshore energy markets.

The first contract, awarded by a major client in the Middle East, involves Engineering, Procurement, Construction, and Installation (EPCI) activities for the repair of damaged subsea pipelines. Spanning over three years, the project highlights the increasing focus on the maintenance and integrity of existing offshore infrastructure—an essential component of Saipem’s service portfolio, which complements its capabilities in EPCIC (Engineering, Procurement, Construction, Installation & Commissioning) and EPRD (Engineering, Preparatory works, Removal and Disposal).

The second contract is a Limited Notice to Proceed (LNTP) awarded by ExxonMobil Guyana Limited for the proposed Hammerhead oil field development in the Stabroek Block, offshore Guyana, pending necessary government and regulatory approvals. The project covers EPCI activities for subsea structures, umbilicals, risers, and flowlines (SURF), supporting both the production facility and gas export system, at a water depth of approximately 1,000 meters.

Under the LNTP, Saipem will begin early-phase work, including detailed engineering and procurement, to facilitate a targeted project start-up in 2029, subject to full project sanction and regulatory clearance. The remaining phases—construction and installation—will commence once the required approvals are in place from ExxonMobil Guyana Limited and its Stabroek Block co-venturers.

Project execution will leverage a fleet of Saipem vessels, including the FDS2, with logistics operations fully based in Guyana through the Vreed-en-Hoop Shorebase Inc. (VEHSI) yard. This approach is set to create employment opportunities and promote local content development in Guyana. The project's duration is anticipated to be four years.