RIYADH: Italian oilfield services company Saipem has been awarded a $500 million offshore contract in Saudi Arabia under its existing long-term agreement with oil firm Aramco.
The contract covers the full engineering, procurement, construction, and installation of a 48-inch trunkline, extending around 65 km offshore and 12 km onshore. The work also includes related subsea facilities at the Safaniya Oil Field, which is among the largest offshore oil fields in the world, according to a statement.
This latest award further cements Saipem’s long-standing presence in the Kingdom and deepens its partnership with Aramco, as well supporting Saudi Arabia’s goal of increasing localization in the oil and gas sector from 40 percent to 75 percent by 2030.
The newly released statement said: “Offshore operations will be carried out by Saipem’s construction vessels currently deployed in the region, while fabrication activities will be executed at Saipem’s Saudi fabrication yard, Saipem Taqa Al-Rushaid Fabricators Co. Ltd., in Dammam, further helping to strengthen the company’s industrial footprint in the Kingdom.”
It added: “Project execution is expected to leverage Saipem’s proven experience in delivering strategic pipelines and offshore infrastructure in the region, combined with its advanced engineering capabilities.”
