Saipem, the renowned Italian engineering, drilling, and construction services conglomerate, continues its impressive streak with consecutive contract wins. Within a span of two days, the company has clinched agreements with two major oil players, Eni and BP, collectively valued at approximately $700 million.

Eni Congo has tapped Saipem for a pivotal project involving the transformation of the Scarabeo 5 semi-submersible drilling rig into a floating production unit (FPU). This FPU will function as a separation and boosting plant, receiving production fluids from wellheads riser platforms, separating gas from liquids, and enhancing gas supply to a nearby floating LNG (FLNG) unit. Having previously engaged in preliminary engineering and procurement, Saipem's new contract encompasses the full spectrum of engineering, procurement, construction, transportation, and commissioning activities. The FPU will be stationed offshore the Republic of Congo, northwest of the Djeno Terminal, at a depth of around 35 meters. Completion and start-up of the FPU are slated for the fourth quarter of 2025.

This initiative aligns with Eni's Congo LNG project, a groundbreaking endeavor aimed at achieving an LNG production capacity of 3 million tons per year – equivalent to approximately 4.5 billion cubic meters annually – by 2025. The project taps into the gas resources of the Marine XII project, serving power generation needs, facilitating LNG exports, and catering to Europe's gas markets.

Meanwhile, Saipem has also inked an agreement with BP for offshore undertakings in the U.S. Gulf of Mexico, pertaining to the Argos floating production unit (FPU). The Argos FPU, operational since April 2023, occupies a deepwater setting within the Green Canyon Block 780, submerged in waters of about 1,400 meters.

Integral to BP's Mad Dog Phase 2 project, Argos FPU bolsters the longevity of the Mad Dog field, discovered in 1998. Notably, the platform enables a waterflood injection capacity exceeding 140,000 barrels of low-salinity water per day, enhancing oil recovery from this substantial oil field. Standing as a colossal structure, the platform encompasses the dimensions of an American football field and carries a weight exceeding 60,000 tons. BP leads the operation with a 60.5% working interest, accompanied by co-owners Woodside Energy (23.9%) and Union Oil Company of California, an affiliate of Chevron U.S.A. Inc. (15.6%).

Saipem's flagship vessel, Saipem Constellation, will spearhead the marine operations required for the BP project, overseen by the firm's execution center in Houston – a strategic hub for regional endeavors. Highlighting the significance of this contract, Saipem acknowledges that it marks the inaugural deployment of Saipem Constellation in the Gulf of Mexico, building upon the company's track record of pioneering offshore solutions for the energy sector.

These agreements with Eni and BP closely follow Saipem's recent contract worth approximately $1 billion with Mellitah Oil & Gas, targeting a gas project off the coast of Libya. Notably, these achievements come in rapid succession after Saipem's triumph in securing contracts totaling approximately €1.8 billion ($2 billion) in Romania and Germany, underscoring the company's enduring commitment to delivering cutting-edge solutions in the global energy landscape.