Saipem ranks first in the small patrol of the top five FTSE stocks with an increase of 1% and an outperformance on the main listing of 1,7%. The reason lies in the news that the Italian group has agreed with Petrobel changes to the existing contract for a total value of USD 900 million (769,3 million euro). The contract concerns the engineering, procurement, construction and installation (EPCI) activities related to the "Optimized Ramp Up" phase of the development project of the Zohr gas field, the "supergiant" field located in the Mediterranean Sea off the coast of Egypt.
Changes in scope of work include the installation of a 30-inch diameter gas export pipeline and the installation of an 8-inch diameter service pipeline, as well as EPCI activities for deep water development (up to at 1700 meters) of 4 wells and the installation of umbilical cables. The works will begin in July 2017 and are expected to be completed by the end of 2018. To ensure compliance with the objectives set by the Client, Saipem will employ some highly qualified vessels from its fleet such as: the Castorone, a latest generation vessel specialized in laying ultra-deep water pipes; the Saipem FDS2 and the Saipem 3000, vessels for the development of submarine fields, as well as the Castoro Sei for the laying and the Castoro 10 for the burial of pipelines.
