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Saipem Bags USD 487M Worth of Contracts

April 20, 2016

Italian contractor Saipem has been awarded new E&C (Engineering & Construction) contracts valued at approximately €430 million ($487 million).

The first is a contract with Statoil, for the lift and mating operations of offshore floating wind turbines for the Hywind Scotland project. The 30 MW project is the first floating wind farm being built by Statoil off the Scottish coast.

The wind farm will consist of five, 6 MW floating turbines operating in waters exceeding 100m of depth.

In addition, Saipem secured additional works related to the installation of multi-phase pipelines in the Caspian Sea. The company did not disclose the name of the project.

Furthermore, the company recently announced contract for the offshore section of the Trans Adriatic Pipeline project. The contract involves the installation of a gas pipeline between the coastlines of Albania and Italy, across the Adriatic Sea. The work is expected to start in 2016.

“Most of the recent awards are related to gas and renewables infrastructure, highlighting Saipem’s exposure to activities that are not directly impacted by the oil price, where the company is able to leverage its diversified portfolio of assets and know-how,” Saipem said in a press release.

 

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