Saipem invests in Brazilian construction site

Offshore staff

SAN DONATO MILANESE, Italy – Saipem has agreed to acquire 100% of Terminal Portuário de Guarujá (TPG), a company which owns a 35-hectare (86.5-acre) concession in the port of Santos, in São Paulo state.

The site is around 350 km (217 mi) from the Santos basin ultra-deepwater pre-salt fields and 650 km (404 mi) from the Campos basin.

Saipem plans to develop the area through construction of a fabrication yard for subsea and floating structures, and also a logistics base.

Activities at the base will complement the services provided by Saipem’s newly-built ultra-deepwater fleet.

Including the purchase of TPG the cost of the new yard will be around $300 million, and construction should be completed within two and a half years, allowing it to bid for development work for the pre-salt fields.

10/10/2011