Saipem provisionally cleared for initial Hammerhead project subsea engineering

Saipem has been awarded subsea EPCI contracts offshore the Middle East and Guyana for a total amount of about $720 million.
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April 2, 2025
Courtesy ATLAS OFFSHORE OPERATIONS
SAIPEM FDS2
SAIPEM FDS 2

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ExxonMobil Guyana has given Saipem a limited notice to proceed (LNTP) with an EPCI contract for the Hammerhead oilfield development in the Stabroek Block offshore Guyana.

The work scope, which remains subject to government and regulatory approvals, covers the subsea structures, umbilicals, risers and flowlines for connection to the FPSO and the gas export system, in water depths of about 1,000 m.

The LNTP allows Saipem to start detailed engineering and procurement to ensure a timely startup of the project in 2029 (assuming all approvals come through).

Courtesy Saipem
The SAIPEM FDS 2 vessel has the ability to perform complete field developments with minimized change mode due to flexibility of equipment, according to the company.
The SAIPEM FDS 2 vessel has the ability to perform complete field developments with minimized change mode due to flexibility of equipment, according to the company.

Execution of construction and installation activities is also subject to project sanction by ExxonMobil Guyana and its co-ventures.

Saipem plans to deploy various offshore construction and support vessels, including the Saipem FDS 2, with all logistics managed in Guyana through the Vreed-en-Hoop Shorebase (VEHSI) yard.

In the Middle East, the company has secured another EPCI contract that involves repairs to damaged subsea pipelines, and it is to be conducted over a three-year period.

Combined value of the two contracts is close to $720 million.

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