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Saipem wins US$720M offshore contracts in Middle East, Guyana
ExxonMobil is planning another deepwater billion-dollar oil project in Guyana involving a network of subsea structures and flowlines linked to an oil production and export ship
Saipem has been awarded new offshore contracts in the Middle East and Latin America with a total of US$720M for subsea construction and repair works, demonstrating the importance of this growth sector.
The Italian engineering group will install subsea structures, cables and flowlines for another deepwater oil project in Guyana for ExxonMobil, and repair damaged subsea pipelines for an unnamed oil company in the Middle East.
Saipem has gained a limited notice to proceed (LNTP) from ExxonMobil Guyana for engineering, procurement, construction and installation of subsea structures, umbilicals, risers and flowlines for the proposed Hammerhead oilfield development. This project, in the prolific Stabroek block offshore Guyana, is awaiting government and regulatory approvals, and will involve multiple subsea wells linked to a floating production storage and offloading (FPSO) vessel in around 1,000 m of water.
Saipem said the LNTP allows the Milan-headquartered company to start early work activities, namely detailed engineering and procurement, to ensure an earliest possible project startup in 2029, should the project receive the necessary government approvals.
Construction and installation, and any remaining activities under the LNTP will proceed once ExxonMobil and its partners have taken their final investment decision.
Saipem will undertake offshore operations by using construction and support vessels including Saipem FDS2. The logistics will be executed and managed in Guyana through the Vreed-en-Hoop Shorebase over the duration of the project, which is expected to last four years.
In the Middle East, Saipem will be responsible for engineering, procurement, construction and installation activities to replace damaged subsea lines under a three-year contract.
“This contract emphasises the growing importance of maintaining existing offshore fields, which is an integral part of Saipem’s portfolio,” said Saipem.
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