Saipem looks to set up new company with Saudi Aramco

Italian energy services contractor Saipem has signed an agreement with Saudi Aramco to explore the possibility of establishing a company for engineering and construction work in Saudi Arabia.

The new entity would provide services in the energy and infrastructure industrial sectors, Saipem said on Tuesday. The initiative is part of Saudi Aramco’s Nama’at Investment Industrial Program, focused on building capacity in four key sectors: sustainability, technology, industrial and advanced materials.

The company would be created in partnership with local entities capable of executing, in-Kingdom, and maximising the employment of local resources.

Saipem has a long-standing collaboration with Saudi Aramco, including the execution of a wide set of activities, from onshore and offshore engineering and construction to drilling activities, with onshore and offshore rigs.