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Italy’s Saipem wins offshore contract in Qatar for about $4 billion
Italy’s Saipem (SPMI.MI), opens new tab said on Sunday it had been awarded an offshore engineering, procurement, construction and installation (EPCI) contract by QatarEnergy LNG in partnership with China’s Offshore Oil Engineering Co (COOEC) (600583.SS), opens new tab .
The overall value of the contract is approximately $4 billion, with Saipem’s share amounting to roughly $3.1 billion, the company said in a statement.
The deal will run for about five years. Offshore installation operations will be be carried out using the company’s De He construction vessel between 2029 and 2030, Saipem added.
QatarEnergy CEO Saad al-Kaabi said last month the company’s North Field expansion project will produce its first LNG in the second half of 2026.
QatarEnergy’s North Field offshore natural gas project involves the construction of six industrial units – known as gas trains – that cool natural gas into liquid for export by ship.
Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Ros Russell
