Saipem wins contracts for FPSOs in Brazil and Angola

Saipem has won contracts to extend the leasing and upgrading works of the Cidade de Vitoria FPSO in Brazil, along with a lease extension and operation contract for the Gimboa FPSO in Angola. The combined contracts are worth $600 million.

Jul 15th, 2014

Offshore staff

SAN DONATO MILANESE, ItalySaipem has won contracts to extend the leasing and upgrading works of the Cidade de Vitoria FPSO in Brazil, along with a lease extension and operation contract for the Gimboa FPSO in Angola. The combined contracts are worth $600 million.

Petrobras has awarded Saipem a four-year extension to the Cidade de Vitória FPSO lease at Petrobras’ Golfinho field, in Brazil’s Espirito Santo basin, as well as a contract for modification and upgrading of the leased FPSO vessel. The total value of the two contracts is $450 million.

TheCidade de Vitória FPSO, owned and operated by Saipem, has been under a lease and operation contract to Petrobras since 2005. The contract has now been extended another four years, until 2022.

The modification works that Saipem will carry out on the vessel are valued at $110 million. The works will increase the produced water treatment capacity and allow the connection of two additional gas wells with a high level of condensates by 1Q 2016.

The Saipem Execution Centre in France is responsible for the upgrade work, while prefabrication and installation of the topside will be done in Brazil.

In Angola, Sonangol P&P has awarded Saipem a two-year extension of theGimboa FPSO lease and operation contract. Saipem owns and operates the Gimboa, which has been under a lease and operation contract in block 4/05 since 2006. This contract is extended to 1Q 2017, and the two-year extension has a value of $150 million.

07/15/2014

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