Saipem wins the largest single offshore contract in its history

Italian oilfield contractor Saipem has secured a contract by Qatargas worth approximately $4.5 billion, the largest single offshore contract by value in its history.

Saipem said on Wednesday that it has been awarded a contract by Qatargas for the North Field Production Sustainability Offshore Compression Complexes Project – EPC 2 located offshore the northeast coast of Qatar.

The contract value amounts to about $4.5 billion. The scope of work encompasses the engineering, procurement, fabrication and installation of two offshore natural gas compression complexes aimed at sustaining the production of the North Field, including two of the largest fixed steel jacket compression platforms ever built, flare platforms, interconnecting bridges, living quarters and interface modules.

To execute this project, Saipem will leverage its own assets, know-how and competencies in offshore engineering, installation and fabrication, as well as its capability to maximize local content.

According to Saipem, this award represents the largest single offshore contract by total value in the company’s history. It follows the award in early 2021 related to offshore facilities for the extraction and transportation of natural gas for the same field.

The North Field is one of the largest single non-associated natural gas fields in the world. It is operated by Qatargas and lies off the northeast shore of the Qatar peninsula.

Saipem noted that, with this contract, it accelerates its strategic repositioning in the offshore segments (E&C and drilling) which represent the large majority of the announced order intake year-to-date, further supporting the delivery of its Strategic Plan.