Saipem secures $900 million deal for Egypt’s Zohr field

Saipem has finalised offshore contract variations worth $900 million to carry out engineering, procurement, construction, and installation (EPCI) activities at Petrobel’s Zohr field in the Mediterranean Sea, offshore Egypt.

The contract represents the optimised ramp-up phase of the Zohr field development project.

Variations to the scope of work will include installation of a 30in-diameter gas export pipeline and an 8in-diameter service pipeline.

In addition, EPCI work will be carried out for field development at a maximum depth of 1,700 metres, covering four wells and umbilical installation.

Contract works are scheduled to be complete by the end of next year.

Saipem CEO Stefano Cao said: “We are pleased that our activities in the development of the Zohr field are in line with the challenging schedule set by the client.

“In the execution of this further phase of the development, we will deploy our most technologically advanced vessels and leverage our proven abilities and skills so that the achievement of the client’s requirements is ensured.

“This acquisition confirms and consolidates our presence in the Eastern Mediterranean Sea and is yet another milestone for Saipem in the SURF (subsea, umbilicals, risers, flowlines) segment of Offshore E&C projects.”

Saipem will deploy multiple vessels for the project to meet client requirements.

The company will use ultra-deepwater pipelayer Castorone, the subsea field development ship Saipem FDS2, and subsea construction vessel Saipem 3000, as well as Castoro 6 and the trenching barge Castoro 10.

Petrobel is a joint venture (JV) between Eni’s subsidiary in Egypt, IEOC, and Egyptian General Petroleum. The JV holds the responsibility to develop Zohr on behalf of PetroShorouk.

PetroShorouk is a JV between Egyptian Natural Gas Holding Company and IEOC.

Source: Offshore Technology