Saipem has been awarded new contracts and contractual variations in the offshore E&C segment worth more than 1,5 billion euros. The main contract - indicates a note - concerns the development project of the Zohr gas field, the 'supergiant' gas field located off the coast of Egypt in the Mediterranean Sea.
Petrobel has awarded Saipem an engineering, procurement, construction and installation (EPCI) contract for the first phase of development of Zohr, which will be built according to an accelerated timeline. Petrobel, joint venture between Eni and EGPC (Egyptian General Petroleum Corporation), is responsible for the development of Zohr on behalf of PetroShorouk, a joint venture between EGAS (Egyptian Natural Gas Holding Company) and Eni. The contract includes the installation of a 26" diameter gas export pipeline and 14" and 8" service pipelines, as well as EPCI works for the deep water development (up to 1700m) of six wells and the installation of umbilical cables.
Jobs will start in July 2016 and are expected to be completed by the end of 2017. To ensure that the accelerated development plan is respected, Saipem will mobilize a fleet of highly qualified vessels, consisting of the Castorone, the latest generation pipe-laying vessel specialized in laying in ultra- deep water, the Castoro Sei pipe-laying vessel, the Castoro 10 pontoon for laying and burying pipelines and numerous other specialized vessels.
Saipem stock boom in MY BAG: at the opening, it immediately gained practically 6% at 0,372 euro per share.
