Saipem Gets Two Contracts Valued at Around $1 Billion From Saudi Aramco

By Christian Moess Laursen

Italian oilfield-services company Saipem received two offshore contracts with a combined value of around $1 billion under its long-term agreement with oil giant Saudi Aramco.

Saipem said late Tuesday that the contracts are for the engineering, procurement, construction and installation of various infrastructure on the Marjan oil-and-gas field and the Zuluf and Safaniyah oilfields, located in the northern part of the Persian Gulf.

The Safaniyah oilfield ranks among the largest in the world based on estimated recoverable oil.

Saipem--which is one of the world's largest oilfield-services providers based on market value--said it will deploy its construction vessels that are operating in the region for the offshore component of the two projects.

"The awards strengthen Saipem's presence in Saudi Arabia and its longstanding relationship with Aramco," it said.

Its shares were up 1.9% in late morning trading amid a sector-wide selloff on global oil demand concerns.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

September 04, 2024 05:06 ET (09:06 GMT)

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