Saipem scores $650m in Middle East offshore contracts

Italian energy services contractor Saipem has been awarded four new offshore contracts in the Middle East worth a total of $650m.

The new contracts include the engineering, procurement, construction and installation of several offshore jackets, decks, subsea pipelines, subsea composite cables, umbilicals, fiber optic cables and brownfield modifications.

No further details have been disclosed.

In related news, Saipem also announced a ten-year extension of onshore drilling contracts for four land rigs in the Middle East worth around $600m. Earlier this year, Saipem agreed to sell its onshore drilling business to KCA Deutag for $550m and a 10% stake in the Aberdeen-based drilling and engineering contractor.