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Stefano Cao: Saudi Aramco wins boost Saipem's natural gas focus

Italian contracting giant has won $3.5-billion contracts for Aramco's Marjan and Berri field increment programmes

Stefano Cao, CEO of Saipem.
Stefanocao.it
Stefano Cao, CEO of Saipem.

Two recent Saudi Aramco contract wins, worth $3.5bn (SAR13bn), for the Marjan and Berri fields are part of a shift by Saipem to focus more on natural gas projects, according to the chief executive officer of the Italian oil and gas contracting firm, Stefano Cao.

According to Reuters, Cao said the contracts confirmed “that this is the fundamental strategy for our company".

The Milan Stock Exchange-listed business said the first contract, called PKG-01 Expand Abu Ali Crude & KGP Gas Facilities for the Berri field, involves the installation of process units at the Abu Ali oil-gas separation plant, part of Aramco’s Berri oil field expansion.

The Marjan field contracts involve the construction of a gas treatment unit, and a facility for the recovery of acid gases for sulfur production.

The wins come amid a string of wins at the Italy-based contractor, which in May 2019 announced two contracts worth $100m for offshore drilling work in Middle East and Norway.

Saipem won contracts worth $2.9bn in Q1 2019, with the value being three times higher than the $1.1bn of new orders it secured in the first three months of 2018.

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Construction Week - Issue 753
Nov 09, 2019