Saipem, an Italian oil-field services company, has been awarded a $4 billion contract by QatarEnergy LNG for engineering, procurement, and construction services. This contract aims to support production at the North Field natural-gas reservoir, located off the north-east coast of Qatar.
As part of the agreement, Saipem will be responsible for the installation of six platforms, as well as the laying of subsea pipelines and cables. One of the world’s largest natural gas fields, the North Field, is anticipated to sustain its production capacity with the support of this project.
This latest contract builds upon a previous $4.5 billion agreement signed in October 2022 between Saipem and QatarEnergy’s predecessor, Qatargas, for similar work at the same location. The company noted that this new agreement strengthens its position in Qatar’s energy sector.
Saipem’s shares saw a rise of 4.5%, reaching 1.95 euros, contributing to a year-to-date increase of 32%.
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