Saipem has been awarded two new offshore contracts in Guyana ed Egypt for a total value of about 1,2 billions of dollars. On the stock exchange, the stock initially reacted with a good rise, to then retreat and follow the overall trend of the Milan stock exchange and the other European stock exchanges, weighed down by the prospects of new monetary tightening (indicated yesterday by the Fed and expected today by the ECB).
After an opening up at 1,05 euros, ithe Saipem stock in mid-morning it lost 0,54% to 1,02 euros.
The first contract awarded by ExxonMobil Guyana joins four others
The start of the offshore campaign is scheduled for the third quarter of 2023. The first contract, explains a note from the services and solutions company for the energy and infrastructure sector, was awarded by ExxonMobil Guyana, for the UARU oil field development project located in the Stabroek block off Guyana, one depth of about 2.000 metersSaipem says. The contract includes the design, fabrication and installation of subsea structures, risers, flowlines and umbilicals for a large subsea manufacturing facility.
Saipem, which had already been awarded four other subsea contracts by ExxonMobil Guyana for previous developments in the same area, i.e. Liza Phase 1 and 2, Payara and Yellowtail, it will carry out operations using its vessels, including FDS2 and Constellation. Subject to the necessary governmental approvals, as well as the approval of the investment by ExxonMobil Guyana and its partners in the Stabroek block and the authorization to proceed with the final phase, the assignment allows Saipem to start some limited activities, namely detailed engineering and procurement.
The second contract awarded by Petrobel
The second contract was awarded by Petrobel for the transport, installation and pre-commissioning of 170 km of "umbilicals" for the field of Zohr, to be transported and installed between the central control platform (70 meters deep) and the submarine field (1.500 meters deep), connecting to existing production systems.
Algiers Court of Appeal agrees with Saipem: 63,2 million euro equivalent released
Saipem, in recent days got from the Court of Appeal of Algiers the release from seizure of his own current accounts for an amount equal to 63,2 million euro equivalent. The pronouncement refers to the so-called Sonatrach 1 criminal proceeding which has been ongoing since 2010 in Algeria against Saipem Contracting Algérie in relation to the procedures for the assignment of the GK2009 project in 3. The Algiers Court of Appeal, largely accepting the company's defensive arguments, rejected the request for damages presented by the Algerian Treasury, confirming the remainder of the first instance sentence.
