Italy’s Saipem secures $1.3bn contract to build four offshore pipelines in Middle East
The work will involve engineering, p...
Italian contractor Saipem has been awarded a $1.3bn EPCI contract for four offshore pipelines in the Middle East.
The work will involve engineering, procurement, construction and installation, although the Milan-headquartered company has yet to state where the pipelines will be built or which organisation the contract has been awarded by.
Details of the pipelines have been released - two 32-inch export pipelines, two 24-inch Corrosion-Resistant Alloy (CRA) intrafield pipelines, risers, spool pieces and subsea structures.
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Saipem has recently endured financial struggles, posting a Q1 2018 loss of $2.4mn. However, this is a much lower loss than Q4 of 2017, which saw the company lose $331mn.
As well as constructing and installing oil and gas pipelines, Saipem is global player in the drilling services market.
In terms of its Middle East coverage, the Italian firm has operations across the GCC in the likes of Kuwait, Oman and Saudi Arabia.
In Oman, it recently won a contract worth $750mn to undertake engineering, procurement, construction and commissioning work at the onshore Duqm Refinery.
In April it also boosted its project books by securing a series of new contracts with a combined value of approximately $190mn.