Saipem among the many finest in Milan with an $850 million offshore contract in Angola | EUROtoday

Listen to the audio model of the article

(Il Sole 24 Ore Radiocor) – Saipem takes to Piazza Affari on the information of a brand new offshore contract price 850 million {dollars} in Angola. In element, the oil & fuel firm has signed an settlement with Azule Energy Angola, managed by Azule Energy Holdings Limited, a three way partnership between Eni and BP. The goal is to develop the Ndungu Field undertaking, a part of the Agogo Integrated West Hub, situated approx 180 km off the coast of the African state. Saipem's actions will concern the transport and set up of roughly 60 km of inflexible pipelines and underwater buildings at a depth of roughly 1,100 meters, in addition to the laying of pipelines, versatile connectors and 17 km of umbilical cables.

The manufacturing actions might be carried out on the Saipem shipyard in Ambriz, Angola. For the offshore set up marketing campaign the corporate plans to make use of its personal Fds naval vessel. «The award of this undertaking additional consolidates Saipem's positioning in Angola, each in deep waters and in shallow waters, by way of the availability of revolutionary and environment friendly options to cut back set up occasions”, reads the Saipem press release. «The news is positive», according to Intermonte, and «confirms the strong order momentum of the company in the Offshore segment”.

The contract, add Equita analysts, «will symbolize 11% of the estimated order assortment for 2024 for offshore Engineering & Construction (Asset Based Services division), i.e. 7% of the group's total assortment for the 12 months». Already within the name to touch upon the quarterly outcomes, the corporate “had reported a strong order acquisition campaign with 2 important projects in West Africa”, clarify the consultants. «The second contract but to be introduced might be – they are saying – that of Kaminho of TotalEnergies in Angola, which might be price as much as 6 billion {dollars}». For the dealer, year-to-date order assortment might be “just under 3 billion compared to our estimates for 2024 of 11.6 billion”. The undertaking may in truth «have a double-digit proportion margin according to the typical of the Asset Based Services division (10%)».