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Italy's Saipem wins offshore contract worth $2 bln in Saudi Arabia
A Saipem logo in seen on the bridge of the Saipem 10000 deepwater drillship in Genoa's harbour, Italy, November 19, 2015. REUTERS/Alessandro Garofalo/File Photo Purchase Licensing Rights, opens new tab
Dr.G.R.Balakrishnan Sep 20 2024 Marine News (Ocean and Offshore Energy)

Italy's Saipem wins offshore contract worth $2 bln in Saudi Arabia

Italian energy engineering group Saipem (SPMI.MI), opens new tab said on Wednesday 18 Sep it had won an offshore contract worth around $2 billion for the development of the Marjan oil field in Saudi Arabia.

The contract was signed under the existing long-term agreement with oil giant Saudi Aramco (2222.SE), opens new tab, the company said in a statement.

Saipem said earlier this month it had won two other offshore contracts with Saudi Aramco worth about $1 billion in total, and an offshore contract worth $4 billion with QatarEnergy, one of the world's top LNG suppliers.

Under the deal announced on Wednesday, Saipem said it would provide "engineering, procurement, construction and installation of wellhead platforms' topsides, wellhead platforms' jackets, tie-in platform jacket and topside, rigid flowlines, submarine composite cables and fiber optic cables."

By 1143 GMT Saipem shares were up 1.48%