Global services firms have been caught in a storm. Engineering, procurement and construction (EPC) focused companies have been squeezed by tough contract terms, battered by inflation and haunted by legacy commitments.
At last, a pipelay/construction ship ordered a decade ago by Petrofac – the JSD6000 – has been completed in China for Shanghai Zhenhua Heavy Industry shipyard (ZPMC).
Saipem has topped the list of top oil and gas industry contractors, bringing in more than $19 billion over the past year.
Saipem (BIT: SPM) has landed a contract worth up to $1.5 billion with Exxon Mobil for work on its newly-sanctioned Whiptail project off Guyana.
Saipem is readying itself to construct a CO2 transport pipeline in the UK after £4 billion in contracts were dished out.
Net Zero Teesside Power (NZT Power) and the Northern Endurance Partnership (NEP) have dished out contracts with a combined value of around £4 billion.
Saipem’s initial assessment attributed the problem to a software anomaly. This appeared to have led to a tensioner failing.
The union went on to say Saipem's Castorone would have to return to Broome and probably be down manned.
Saipem said there had been “alleged irregularities in the award”. The CGU amended its previous ban, from December 2022, with this new order of a two-year suspension.
Saipem won the work in 2018, as one of a batch of contracts worth $800 million.
North Sea operator EnQuest has confirmed its Thistle platform will be sent to an Aker Solutions yard in Norway for dismantling, some time from 2025 onward.
The company said it would carry out work with its FDS2, Constellation and Castorone vessels. It will carry out work from its Port of Georgetown base.
Asset-based services makes up the majority of Saipem’s backlog, at 65%, or around 10bn euros this year.
The Italian company said it would begin work immediately and expected to complete this in early 2026.
Saipem has completed foundation installation works at the Neart na Gaoithe (NnG) wind project off Fife.
Italian oilfield services firm Saipem (BIT: SPM) has awarded Petrofac a new multi-million-pound deal to support the decommissioning of a platform in the UK sector of the North Sea.
Saipem’s Puliti gave the example of the need for offshore wind installation vessels. He said there was a “clear need” for new vessels, “otherwise there is no way that demand in the next three to five years can be satisfied by supply. But no one has the courage to invest today”.
Looking at inspection alone, “the FlatFish case is compelling and it's credible. As long as the client is willing to count and sum up all the benefits, it makes perfect sense.”
In Cote d’Ivoire, the service company has won a subsea umbilicals, risers and flowlines (SURF) contract for Baleine Phase 2. Eni began producing at this field in August.
Saipem expects the offshore commissioning and start up of the FPU to take place in the fourth quarter of 2025.
Saipem has announced the award of two major contracts for offshore work in Congo and the Gulf of Mexico worth a combined $700 million.
Saipem has secured a major contract for engineering and commissioning work on a new gas module for Libya’s Bouri field.
Saipem is continuing its bounceback from the troubles of last year after the company unveiled its latest set of financials.
Testing has shown "positive results" but more work is needed.
The ministry had expected a final investment decision (FID) on the $4.5 billion Hoima facility by the end of June. The aim was for the facility to be ready for first oil from the Lake Albert fields in late 2025.