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Saipem signs 2 offshore service contracts with Saudi Aramco worth $1.3B

Italian oilfield services provider Saipem SpA announced Jan. 18 that it was awarded two engineering, procurement, installation and construction contracts by Saudi Arabian Oil Co., which together are valued at $1.3 billion.

Under the contracts, Saipem will develop the offshore fields in Berri and Marjan in the Arabian Gulf. The contract covers the design, engineering, procurement, construction, installation and implementation of subsea system, including the laying of pipelines, subsea cables and umbilicals, platform decks and jackets.

The award is part of a long-term agreement for offshore activities in Saudi Arabia, which was renewed in 2015 and will last until 2021.