PROJECTS: Saipem awarded new contract by Qatargas worth over $1bln
The contract is part of the North Field Production Sustainability Pipelines Project
Image used for illustrative purpose. A staff member gestures on the Saipem 10000 deepwater drillship in Genoa's harbour, Italy, November 19, 2015.
By Staff Writer, ZAWYA
Energy sector contractor Saipem announced on Monday that it has received from Qatargas a Letter of Award for a new contract worth over $1 billion and related to the North Field Production Sustainability Pipelines Project located offshore and onshore the North-East coast of the Qatar peninsula.
The Italy-based company said in a stock exchange statement that the additional contract entails the Engineering, Procurement, Construction, and Installation (EPCI) of offshore export trunklines and related onshore tie-in works and is part of the development of the North Field production plateau, which also includes the EPCI of offshore facilities (EPCO package)previously awarded to Saipem in February.
The scope of work for the award (EPCL package) includes three export trunklines starting from their respective offshore platforms to the Qatargas North and South Plants in Ras Laffan Industrial City for a total length of almost 300 kilometres, as well as associated onshore tie-in works and brownfield activities on existing onshore and offshore facilities.
The project completion is expected by mid-2024, according to the statement. Saipem will enhance the overall project execution, comprising both EPCO and EPCL scope of work, by combining relevant planned schedules and project management and will start activities immediately.
Stefano Porcari, Saipem E&C Offshore Division COO, commented: “This additional contract awarded by our key client Qatargas strengthens our consolidated relationship and represents a further proof of the trust in Saipem’s ability to deliver challenging projects and is a sign of success of our positioning strategy in Qatar. We are very proud to increase our contribution to such a strategic development for the country.”
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.