Italy’s Saipem wins $1.2bn offshore oil contracts in Egypt, Guyana

Italian energy industry services company Saipem has secured offshore oil and gas field construction contracts in Guyana and Egypt worth about $1.2 billion in total, according to its statement on Thursday.

Egypt’s Petrobel has awarded Saipem a contract for the transportation, installation, and pre-commissioning of 170 km of umbilicals for the giant Zohr gas field in the Mediterranean Sea.

Saipem will transport and install the umbilical between the central control platform and the subsea field at 1,500m water depth, connecting to the existing subsea production systems.

The statement further mentioned that this offshore campaign is planned to start during Q3 2023.

Meanwhile, ExxonMobil Guyana has hired Saipem to support its Uaru offshore oil field development project, in the Stabroek block, at a water depth of around 2,000 meters, the statement said.

Under the contract, Saipem will include the design, fabrication and installation of subsea structures, risers, flowlines and umbilicals for a large subsea production facility.

Noteworthy, that Saipem has invested $741 million and drilled two wells on Zohr this year, bringing the total since work began to more than $12 billion.