New important order for Saipem. The Italian company, despite the drop in oil prices, continues to obtain contracts in the sector, after the one for the construction of the section off-shore of the Tap pipeline: today, in fact, a consortium led by Saipem signed an agreement for 1,5 billion dollars (of which approximately 1,3 billion dollars pertaining to Saipem) for the second phase of the works in the oil field Shah Deniz, 90 kilometers off the coast of Azerbaijan. The contract has a duration of five years, with an option to extend for a further five years. The stock has regained share on the Stock Exchange and is now traveling at -1,87% to 0,389 euros after a morning of sharp decline.
The contract consists of the transport and installation of production systems and subsea structures, the laying of fiber optic cables and production umbilicals, the laying of 90 kilometers of pipeline, the start-up, provision of crew and management operation of a new naval vessel for submarine construction.
“This contract – commented the CEO of the company Stephen Cao – further strengthens Saipem's key role in the construction of the southern gas corridor, for which the company has a total of four contracts, in the upstream segment and in the gas transport infrastructure, both on land and at sea" .
