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Tue 21 May 2019 12:36 PM

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Italy's Saipem bags $100m offshore contracts in Middle East, Norway

EPC contracting giant says Middle East project work to begin under three-year contract in Q4 2019

Italy's Saipem bags $100m offshore contracts in Middle East, Norway
Saipem has won contracts in Middle East and Norway

Italian engineering, procurement, and construction contractor Saipem announced it had won two contracts worth $100m for offshore drilling work in Middle East and Norway.

The first contract was signed for the drilling of well in Norway with Repsol Norge, with work set to begin in  in the third quarter of 2019, according to Construction Week Online.

Acccording to a statement from the Milan Stock Exchange-listed firm, Saipem will use the sixth-generation semi-submersible rig Scarabeo 8, which is suitable for operations in harsh environments.

Saipem has also won a three-year contract in the Middle East, for which the contractor will commence work in Q4 2019.

The Italian oil and gas contractor reported a profit of $23.6m in Q1 after incurring a minor loss of $2.2m in the previous three months.

In the first quarter of 2019, Saipem bagged new contracts worth $2.9bn, three times higher than the $1.1bn of new orders it secured in Q1 2018.

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