Saipem (MI: SPM) has been awarded several contracts, onshore and offshore, in the Middle East worth around $1.2 billion.
The offshore piece covers four new contracts in the region, for engineering, procurement, construction and installation (EPCI) of several offshore jackets, decks, subsea pipelines, cables, umbilicals, fiber optic cables and brownfield modifications.
Saipem has not disclosed the clients of any of the deals.
The offshore piece is worth a combined $650 million.
Onshore, Saipem has been awarded a 10-year extension to existing contracts on four land rigs in the region.
The awards announcement comes a day after the Milan-listed firm found a buyer in BW Energy for its Cidade de Vitória FPSO, for a cash consideration of $73m.
In March Saipem confirmed a net loss of $2.6 billion, but also set out a financing package and said it expects a “double digit EBITDA margin” from 2024.
The contractor has been struggling with a number of projects, linked to rising supply chain costs and poor project margins in offshore wind and onshore construction.
A profit warning issued at the start of the year was linked to the NNG wind farm off Scotland, it was revealed.
Saipem has been busy elsewhere, selling its onshore land rig division to Aberdeen-headquartered KCA Deutag earlier this month in a $550m deal.
Recommended for you
