Saipem receives authorization to proceed with the execution of Hammerhead offshore project by ExxonMobil Guyana

Saipem has received full authorization from ExxonMobil Guyana Limited to move forward with the execution of engineering, procurement, construction, and installation (EPCI) activities for the Hammerhead oil field development project. Located in the Stabroek block offshore Guyana at a water depth of around 1,000 meters, the contract is valued at approximately USD 500 million.

Saipem had previously announced on April 2, 2025, that it received a Limited Notice to Proceed (LNTP), which allowed it to begin preliminary work including detailed engineering and procurement of long-lead items. Following the necessary government and regulatory approvals, as well as the final investment decision by ExxonMobil and its co-venturers in the Stabroek block, Saipem has now been cleared to fully commence project execution. The offshore installation campaign is scheduled to begin in 2028.

Under the contract, Saipem’s scope includes the engineering, procurement, construction, and installation of subsea umbilical, riser, and flowline (SURF) systems for the production facility and gas export infrastructure associated with the Hammerhead oil field, located approximately 200 kilometers off the Guyanese coast.

Project operations will be executed using a range of Saipem’s specialized construction and support assets, including the FDS2 and Shen Da vessels—the latter being part of Saipem’s fleet under charter. All logistics will be managed locally in Guyana through the Vreed-en-Hoop Shorebase Inc. (VEHSI) facility, supporting local employment and contributing to the growth of the Guyanese economy.

The Hammerhead project reinforces Saipem’s long-term commitment to Guyana and strengthens its relationship with ExxonMobil, a key client. Saipem has previously been awarded six major contracts by ExxonMobil Guyana in the region: Liza Phase 1, Liza Phase 2, Payara, Yellowtail, Uaru, and Whiptail.