Saipem wins $900m EPCI contract offshore Egypt
August 01, 2017 – Italian offshore contractor Saipem and oil and gas company Petrobel have finalised offshore contract variations valued at $900m for engineering, procurement, construction and installation (EPCI) contract off the Egyptian coast.
The EPCI contract is related to the ‘optimised ramp up’ phase of the ‘supergiant’ Zohr Field Development Project located in the Mediterranean Sea off the Egyptian coast.
Petrobel operates as a joint venture (JV) between IEOC (an Eni subsidiary in Egypt) and EGPC (Egyptian General Petroleum Corporation). The JV is also in-charge of the development of Zohr on behalf of PetroShorouk, a JV between EGAS (Egyptian Natural Gas Holding Company) and IEOC.
The scope of work includes the installation of a 30-inch diameter gas export pipeline and an 8-inch diameter service pipeline. It also includes EPCI work for the field development in deep water (up to 1,700m) of four wells and the installation of umbilicals.
Work is expected to commence in July 2017 and is scheduled to be completed by the end of 2018.
Saipem will deploy a number vessels from its specialised fleet, including the Castorone (the latest generation ultra-deep water pipelayer); the subsea field development ship Saipem FDS2; the Saipem 3000 (a subsea construction vessel) and, finally, the Castoro 6 and the trenching barge Castoro 10.
Saipem CEO Stefano Cao said: “We are pleased that our activities in the development of the Zohr field are in line with the challenging schedule set by the Client.
“In the execution of this further phase of the development, we will deploy our most technologically advanced vessels and leverage our proven abilities and skills so that the achievement of the Client’s requirements is ensured.
“This acquisition confirms and consolidates our presence in the Eastern Mediterranean Sea and is yet another milestone for Saipem in the SURF (subsea, umbilicals, risers, flowlines) segment of Offshore E&C projects.”