Italian offshore engineering and construction giant Saipem has won two brand new contracts worth approximately $720m.
The first contract encompasses the engineering, procurement, construction, and installation activities for the repair of damaged subsea pipelines for an unnamed major client in the Middle East. The duration of the project is expected to last three years.
The second contract is a limited notice to proceed by ExxonMobil’s Guyana arm, pending necessary government and regulatory approvals, and involves the EPCI of subsea structures, umbilicals, risers, and flowlines for the production facility and gas export system of the proposed Hammerhead project.
The deal allows Saipem to start early work activities, namely detailed engineering and procurement, to ensure the earliest possible project startup in 2029, should the project receive the necessary government approvals. Hammerhead is located in the Stabroek block offshore Guyana at a water depth of around 1,000 m.
Construction and installation work on the project is subject to government and regulatory approval as well as project sanction by ExxonMobil and its Stabroek block coventurers.
Saipem will perform the operations by using a variety of construction and support vessels, including Saipem FDS2. The logistics will be entirely executed and managed in Guyana through the Vreed-en-Hoop Shorebase yard. The project is expected to last four years.
