Saipem has been Granted an Offshore Contract for the Development of Gato do Mato in Brazil

Source: www.gulfoilandgas.com 6/15/2022, Location: South America

BW Offshore SPV PTE Ltd recently awarded Saipem a limited notice to proceed (LNTP) for early-stage engineering services for the supply of an FPSO (Floating Production Storage and Offloading) unit to be provided to Shell and its partners for the development of the Gato do Mato oil and gas field, which is located approximately 200 kilometres off the coast of Brazil in the Santos Basin, in water depths of around 2,000 metres.

The LNTP is valued up to 50 million USD. Saipem’s share is worth approx. 25 million USD.

The LNTP is a key step ahead for this initiative and Saipem project team is already fully mobilized. Upon completion of the LNTP, Shell and its partners target to award a lease and operate contract which will include the award of the engineering, procurement, construction, and installation (EPCI) of the FPSO to a Consortium between Saipem and BW, with expected delivery in 2026. The award is subject to the parties finalising the commercial and pricing terms of the contract in view of the current inflationary supply chain market and a final investment decision to proceed by Shell and its partners.

Saipem is an advanced technological and engineering platform for the design, construction and operation of safe and sustainable complex infrastructure and plants. Saipem has always been oriented towards technological innovation and is currently committed, alongside its clients, on the frontline of energy transition with increasingly digitalised tools, technologies and processes that were devised from the outset with environmental sustainability in mind. It is listed on the Milan stock exchange and operates in 70 countries around the world with 32 thousand employees from 130 different nationalities.


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