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News // Economy

Saipem awarded new E&C contracts worth over €1.5 billion, including the Zohr Field Development Project

08 July 2016 , 11:14Neftegaz.RU1828



Saipem reported on July 7, 2016, that the company has been awarded new contracts and variation orders in E&C offshore, for an overall amount in excess of 1.5 billion euros.
 

The most significant contract relates to the Field Development Project for the “supergiant” Zohr gas field, located off the Egyptian coast in the Mediterranean sea.

Petrobel has awarded Saipem an Engineering, Procurement, Construction & Installation (EPCI) contract for the accelerated start-up of the development project for the Zohr Gas Field. Petrobel, a joint venture between Eni and EGPC (Egyptian General Petroleum Corporation) is in charge of the development of Zohr on behalf of PetroShorouk, a joint venture between EGAS (Egyptian Natural Gas Holding Company) and Eni.

The scope of work of the contract encompasses the installation of a 26-inch gas export trunkline and 14-inch and 8-inch service trunklines, as well as EPCI work for the field development in deep water (up to 1700 metres) of 6 wells and the installation of the umbilical system. Work will start in July 2016 and is due to be completed by the end of 2017.

In order to ensure that the accelerated development schedule is met, Saipem will mobilize a highly capable fleet of vessels to carry out offshore operations, consisting of the ultra-deepwater last generation pipelayer Castorone, the semisubmersible pipelayer Castoro Sei, the trench/pipelay barge Castoro 10, and other specialized vessels.

We are very pleased to have been selected for the important objective of delivering first gas from Zohr before the end of 2017, commented Stefano Cao, Saipem CEO. We will mobilize a fleet of vessels with last-generation capabilities, and leverage on our proven expertise and consolidated presence in the area, in order to ensure our clients achieve their targets.
 

The Zohr gas field was discovered by Eni in August 2015, using the drillship Saipem 10000, which is still operating in the area.

Furthermore, Saipem has agreed to various changes in the scope of work on existing E&C Offshore contracts in other countries.

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