Milan-based advanced technological and engineering platform Saipem has been awarded two contracts at a value of nearly $1 billion for operations in the Middle East and Brazil.
One of the deals covers engineering, procurement, construction, and installation (EPCI) offshore activities in the Middle East, under the existing long-term agreement (LTA) between the Italian company and Saudi Arabian Oil Company (Aramco), according to a press release.
Aramco’s contract is the EPCI of five platforms and associated subsea pipelines, flowlines, and cables in the Marjan field which is located offshore Saudi Arabia, featuring an entirely in-Kingdom fabrication project.
Meanwhile, the contract will become effective upon the fulfilment of the customary conditions precedent. The award will further endorse Saipem’s long-standing relationship with the Saudi oil giant besides its strategic positioning in the Middle East.
The other acquisition is a contract by Petrobras for the development of underwater drones in Brazil.
Recently, the President and CEO of Aramco, Amin Nasser, called for greater Asian influence in the energy transition debate.
During the first quarter (Q1) of 2023, the Saudi listed company logged net profits worth AR 119.54 billion, compared with SAR 148.03 billion in Q1-22.
