Saipem has established a joint company with Hyperion Systems Engineering, with a focus on the Eastern Mediterranean.
The new venture, Saipem-Hyperion Eastmed Engineering, will be based in Cyprus. It will provide consultancy and engineering services.
“The new company allows Saipem to consolidate its presence in the East Mediterranean area and to contribute to the energy development of the region,” said the head of business development at Saipem’s Xsight unit Luca Brunetto.
Working with Hyperion “creates the basis for seizing new business opportunities”, he said. It also “increases our ability to provide services in the strategic EastMed market”.
The company aims to help clients achieve their energy transition goals. It will provide “smart, sustainable and low environmental impact energy solutions”, the statement said.
Hyperion’s chairman and CEO Symeon Kassianides said the aim was to “create a regional engineering and services powerhouse”.
This would combine “Saipem’s extensive and valuable experience with Hyperion’s many years of successful experience in advanced solutions and specialised engineering. This is also a material step forward in strengthening the position of Cyprus as an East Mediterranean engineering and services hub.”
Stavros Spanos will act as the interim CEO of Saipem-Hyperion. He said the company was open for business and it had “started exploring specific initiatives”.