Saipem lands $500m deal in Saudi Arabia

Italy’s Saipem has secured work in Saudi Arabia worth a total of about $500m.

The Milan-listed offshore engineering and construction giant said Monday that the deal covers two offshore projects under the existing long-term agreement with Saudi Aramco.

For the first project, Saipem’s work scope covers the engineering, procurement, construction and installation of a crude trunkline of about 50 km for the Abu Safa field, while the second project involves production maintenance programmes for the Berri and Manifa fields.

The award is the company’s second within a few days. On Friday, Saipem revealed a framework deal with BP for offshore projects in Azerbaijan utilising the Shah Deniz consortium-owned subsea construction vessel Khankendi. The total value of the framework agreement is about $300m of which Saipem’s share is $250m.