Saipem has secured new offshore engineering, procurement, and construction (EPC) contracts from Saudi Arabian oil giant Aramco. These significant agreements carry an approximate value of $600 million. The scope of work will encompass multiple offshore fields located within Saudi Arabia.
This latest win further solidifies Saipem’s operational footprint in the kingdom. It specifically expands the company’s in-country fabrication capabilities. Furthermore, these contracts grow Saipem’s portfolio of projects secured under long-term agreements (LTAs).
Scope of Work Details
The newly awarded contracts detail specific services Saipem will provide to Aramco. These primarily involve critical infrastructure development offshore. Saipem will execute essential pipeline installation work across various fields.
Pipeline and Subsea Operations
In addition to pipeline activities, the agreements also cover subsea intervention services. These specialized operations are crucial for maintaining and enhancing offshore energy infrastructure. Saipem will deploy its expertise and advanced technologies to ensure efficient and reliable performance for these vital assets.
Strategic Expansion in Saudi Arabia
These contracts mark a significant step in Saipem’s ongoing expansion within Saudi Arabia. The company consistently strengthens its presence in the region’s dynamic energy sector. This growth aligns with broader national efforts to localize industrial capabilities and expertise.
Enhancing Local Capabilities
A key aspect of these new contracts involves expanding Saipem’s in-country fabrication footprint. This commitment enhances local manufacturing and service provisions for complex offshore projects. Such initiatives contribute directly to the kingdom’s economic development objectives and job creation.
Long-Term Agreement Framework
The projects fall under Saipem’s existing long-term agreements (LTAs) with Aramco. These LTAs provide a structured framework for sustained collaboration on major energy initiatives. Consequently, the new awards reinforce the strategic partnership between the two entities. This ongoing approach ensures a consistent pipeline of work for Saipem within the kingdom.
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