Saipem Wins $850 Million Offshore Contract for Ndungu Field Project in Angola
(P&GJ) — Saipem has secured a significant offshore contract from Azule Energy Angola S.p.A., a subsidiary of Azule Energy Holdings Limited, for the development of the Ndungu Field as part of the Agogo Integrated West Hub Project in Angola's offshore region.
The contract, valued at approximately $850 million, underscores Saipem's expertise and commitment to the region's oil and gas sector.
Under the contract, Saipem will undertake the engineering, fabrication, transportation, and installation of approximately 60 kilometers (37 miles) of rigid pipelines and subsea facilities at a depth of around 1,100 meters. Additionally, the scope includes the transportation and installation of flexible flowlines, jumpers, and 17 kilometers (10 miles) of umbilicals. Fabrication activities are slated to take place at Saipem’s Ambriz yard in Angola.
For the offshore installation campaign, Saipem plans to deploy its FDS vessel for the transportation and laying activities of the rigid pipelines. This project not only reinforces Saipem’s foothold in Angola but also showcases its ability to deliver innovative and efficient solutions that reduce installation times.
This contract, deemed a "related party transaction," is carried out with a subsidiary of a joint venture of the Eni group. It is considered an "ordinary transaction" conducted at market-equivalent conditions.
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