New objectives for Saipem: Eni, ExxonMobil and FS

New objectives for Saipem: Eni, ExxonMobil and FS

The CDP Group subsidiary is growing its business: new drilling contracts and an agreement with Ferrovie dello Stato (Italian State Railways) to construct a stretch of high-speed line in Russia

Rome, 08 June 2017

Saipem, a subsidiary of the CDP Group, is reaching new goals and contributing to spreading Italian expertise around the world. Saipem, a leading company in the oil and gas sector, has signed a contract with Eni (another CDP subsidiary) for offshore drilling activities in Mozambique, in order to develop the Coral field. In addition, Saipem has also secured other offshore drilling commissions for activities to be carried out in the Mediterranean and the Black Sea, using cutting-edge vessels from the company's fleet.

However, that's not all. During the last few weeks, the CDP Group subsidiary has also signed an EPCI (engineering, procurement, construction, installation) contract for the ‘surf’ package in the Liza field, a project operated by Esso Exploration and Production Guyana Limited, controlled by ExxonMobil, one of the largest American oil companies, with huge international standing.

The potential capacity of the Liza undersea field is estimated as over a billion barrels of oil equivalent: work is expected to begin in 2019 and Saipem will use cutting-edge equipment to carry out the engineering, procurement, construction and installation activities for the riser (the main pipe which connects the well to the platform), flowlines and associated structures and jumpers. The contract also covers the transport and installation of umbilicals (connecting cables that contain flexible cables and tubes), foundations and collectors for wells and the water and gas injection systems. What is more, new contracts have also been won in the North Sea and West Africa, with an overall value of $500 million.

However, the scope of Saipem's activities is not limited to drilling and the installation of pipes: the CDP Group subsidiary has signed a memorandum of understanding with Ferrovie dello Stato (Italian State Railways) to participate in the tendering procedure for a stretch of the Moscow-Kazan high-speed line in Russia, worth $3 billion. For Saipem, the memorandum represents an opportunity for growth in a crucial country and provides proof of its commitment to grow the business, including in the infrastructure development sector.

The CDP Group, with all its subsidiaries, promotes Italian expertise around the world and achieves the objectives of the 2016/2020 Business Plan.