What's Happening?
Saipem has been awarded two offshore Contract Release Purchase Orders (CRPO) in Saudi Arabia, valued at approximately $600 million. These contracts strengthen Saipem's position as a leading EPC contractor
in the region and expand its partnership with Aramco. The first contract involves engineering, procurement, construction, and installation of 34 km of pipeline across the Berri and Abu Safah oil fields, with a duration of 32 months. The second contract includes subsea intervention work at the Marjan field and EPC of 300 m of onshore pipeline tie-ins, lasting 12 months. Saipem will utilize its offshore construction vessels and local fabrication facilities to execute these projects.
Why It's Important?
The awarding of these contracts to Saipem underscores the ongoing investment in Saudi Arabia's offshore oil and gas infrastructure, which is crucial for the country's energy strategy. It highlights the importance of international partnerships in advancing technological and operational capabilities in the oil sector. For Saipem, these contracts represent a significant boost to its business, reinforcing its long-term relationship with Aramco and enhancing its presence in the Middle East. The projects are expected to contribute to national capacity development objectives, supporting local industry and workforce development.
