Saipem Awarded Two New Offshore Contracts for Overall Amount of Approximately $850M

Saipem has been awarded two new offshore contracts, one for Engineering, Procurement, Construction and Installation (EPCI) project in the Black Sea and one for decommissioning activities in the North Sea. The overall value of the contracts amounts to approximately 850 million USD.

The first contract has been assigned by Turkish Petroleum OTC for the second phase of Sakarya FEED and EPCI Project and entails the Engineering, Procurement, Construction and Installation of a 16” pipeline, 175 km long, at 2,200-meter water depth, in the Turkish Black Sea waters. The offshore operations are to begin in summer 2024 and will be conducted by Saipem’s flagship vessel Castorone. Saipem has recently completed with success the first phase of Sakarya Gas Field Development project, awarded by Turkish Petroleum OTC in 2021.

The other contract has been assigned by EnQuest Heather Limited for the decommissioning of the existing Thistle A Platform, located in the UK sector of the North Sea, around 510 kilometres northeast of Aberdeen, in a water depth of 162 meters. Saipem’s activities entail the engineering, preparation, removal and disposal of the jacket and topsides, with possible extension to further subsea facilities. The activities will be carried out by the Saipem 7000, one of the largest semi-submersible heavy lifting vessels in the world.

Fabrizio Botta, Saipem Chief Commercial Officer, commented: “These important awards demonstrate Saipem's excellent competitive positioning in the Offshore Engineering & Construction market, a sector that is experiencing a full expansion momentum of which Saipem is ready to seize the opportunities. The contract awarded in the Black Sea is a confirmation of Saipem’s prominent positioning and of its long-standing relationships with clients. The North Sea contract, finally, is a further example of Saipem's capabilities in a segment where the combination of innovative engineering, unique assets and safe operations is crucial".