Saipem Scores Egypt Contract

Tuesday, July 10, 2007

Saipem has been awarded two new offshore contracts, one in Egypt and the other in Kazakhstan. The contract in Egypt was awarded to Saipem by Petrobel. Under the contract Saipem will lay 32” pipeline connecting the El-Gamil gas processing plant with an existing platform located in the Denise Pliocene gas field. Saipem’s scope of work includes engineering, project management, transportation and installation of the sealine and pre-commissioning. The marine activities will be carried out by the Crawler vessel in the second half of 2007.

In Kazakhstan the award came from Agip KCO and includes Aker Kvaerner in an unincorporated consortium. Saipem and Aker Kvaerner will be involved in an experimental program on the Kashagan field development in the Caspian Sea. The contract includes early work activities for the hook-up and commissioning of the offshore facilities as well as for the inshore completion to be executed in the Kuryk yard. The scope of work also includes the procurement, refurbishment, and preparation of five barges which will be converted into temporary living quarters and offices, as well as temporary barges for power generation, tool sheds, and warehouses.

Both contracts have a total cash consideration of about $230 million. 

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