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Saipem Awarded New Contracts Worth E2.2 Billion

October 31, 2008

Italian energy industry engineering services contractor Saipem has won three new offshore contracts worth in excess of $1.1 billion in Azerbaijan, Brazil and Venezuela. The company has also been awarded new onshore drilling contracts in Peru and Venezuela worth approximately $1.1 billion.

Saipem has signed with BP a long-term underwater service contract agreement, pursuant to which, Saipem will be responsible for the inspection, maintenance and repair of the existing BP facilities offshore Azerbaijan, including the platforms previously installed by Saipem. The contract is for a duration of five years, with BP having a two-year extension option.

Petrobras has awarded the contract for the Urugua-Mexilhao pipeline to Saipem, pursuant to which, Saipem will transport, install and test an 18-inch, 174km gas pipeline in the Santos Basin, offshore Brazil.

The pipeline will link the floating production, storage and offloading vessel Cidade de Santos, located in the exploratory block BS-500 in the Urugua field at 1,372m water depth, to the Mexilhao gas platform in the Mexilhao field at 172m water depth. Project activities are scheduled to finish by the end of March 2010.

PDVSA Gas has awarded Saipem the contract for the DragonCigma pipeline in the Mariscal Sucre complex offshore northeast Venezuela. Saipem will transport and install a 115km, 36-inch gas export line connecting a platform located in the Dragon field to PDVSA’s Cigma complex on the southern side of the Paria peninsula, in the Venezuelan state of Sucre. Marine activities will be mainly carried out by the Semac pipelayer vessel, and are scheduled to be completed by the end of 2009.




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