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Saipem Awarded Offshore Qatar Contract Worth About $4 Billion

By Alberto Brambilla
A section of gas pipeline is lifted onboard the Castoro Sei, a pipe laying vessel operated by Saipem SpA, during the construction of the Nord Stream AG natural gas pipeline in the Baltic Sea, Sweden. After its decline, competitors Saipem SpA and Technip SA could pursue McDermott to gain its fleet of offshore vessels for installing heavy pipelines, according to Capital One Financial Corp.

(Bloomberg) -- Saipem SpA was awarded an offshore Engineering, Procurement and Construction contract by QatarEnergyLNG  worth about $4 billion.

The contract is aimed at sustaining the production of the North Field offshore natural gas reservoir in Qatar, the company said in a statement.

Saipem’s scope of work encompasses the engineering, procurement, fabrication and installation of six platforms as well as approximately 100 km (62 miles) of corrosion resistance alloy rigid subsea pipelines, 100 km of subsea composite cables, 150 km of fiber optic cables and several other subsea facilities, the company said.

Saipem is seeking to widen its reach in the Middle East under Chief Executive Officer Alessandro Puliti, appointed in 2022, after the company announced a profit warning earlier that year.

©2024 Bloomberg L.P.

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