Saipem, Daewoo Awarded $1-billion Contract in Caspian Region

Italy-based Saipem announced a $1-billion contract for engineering and constriction operations in the Caspian region. 

‘The contract awarded to ERSAI, in consortium with Daewoo Shipbuilding & Marine Engineering Co., is worth approximately $1 billion. Contract scope includes yard engineering, fabrication and pre-commissioning activities as well as the load-out of 55,000 tons of pipe racks’ reads the note released on Tuesday. 

Saipem, through its controlled company ERSAI Caspian Contractor LLC, welcomes the news, saying that the deal cements its position in the region.

"This contract underlines our excellent track record in a key market for Saipem and I look forward to the continued development of our presence in the Caspian Region, working with our local partners to deliver a high quality service to some of our most important clients” Umberto Vergine, Saipem CEO, commented. 

The note does not specify the name of the company, the consortium or the country that awarded the contract.