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Saipem secures $1.9 billion in contracts for Guyana, Brazil projects

EditorPollock Mondal
Published 29/11/2023, 11:24 pm
© Reuters.

Saipem, a leading global engineering firm, has been awarded substantial contracts totaling $1.9 billion from ExxonMobil (NYSE:XOM) and Equinor for offshore projects in Guyana and Brazil. This development is set to bolster Saipem's presence in South America's burgeoning oil and gas sector.

In Guyana, Saipem is tasked with the engineering and procurement for ExxonMobil's Whiptail oilfield development, located in the prolific Stabroek block. The company will utilize its specialized vessels, including the FDS2, Constellation, and Castorone, to install subsea structures. Operations are centralized in Georgetown's facility, with the project set to commence before the final investment decision (FID) due early 2024.

The Whiptail project is currently in its detailed engineering and procurement phases, pending necessary approvals.

Simultaneously, Saipem has been commissioned by Equinor for the Raia project in the Campos Basin, off the coast of Brazil. Here, Saipem will employ horizontal drilling techniques to install a subsea gas export pipeline. This pipeline is designed to connect to the newly constructed Cabiúnas gas receiving station in Macaé. The project is significant for Brazil, as the pipeline is expected to meet 15% of the country's gas demand.

These contracts represent a strategic expansion for Saipem in the South American oil and gas industry, playing a crucial role in the development of the region's energy infrastructure.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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