Saipem Awarded New offshore Contracts in Côte d’Ivoire & Italy for 850M Euro

Saipem has been awarded two new contracts for offshore activities in Côte d’Ivoire and Italy for an overall amount of 850 million euro.

The first contract has been awarded to Saipem by Eni Côte d’Ivoire and its partner Petroci. It is a Subsea Umbilicals, Risers and Flowlines (SURF) contract for the development of the Baleine Phase 2 project, which takes its name from the oil and gas field, located offshore Côte d’Ivoire at a 1,200m water depth.

The scope of work encompasses the Engineering, Procurement, Construction and Installation (EPCI) of approximately 20 km of rigid lines, 10 km of flexible risers and jumpers and 15 km of umbilicals connected to a dedicated floating unit. The installation works will be carried out by Saipem’s best-in-class offshore construction vessels and will take place in 2024.

With this new award, Saipem brings a further strategic contribution to the history of the Baleine field and strengthens its presence in Côte d’Ivoire. Saipem contributed to the drilling activities of Baleine Phase 1 by deploying the Saipem 10000 and Saipem 12000 vessels, followed up by the execution of two contracts for Baleine Phase 1 in fast-track mode.

The second contract has been awarded to Saipem, through a temporary association of companies with Rosetti Marino and Micoperi, by Snam Rete Gas for the construction of the facilities for the new Floating Storage and Regasification Unit (FSRU) to be located in the Adriatic Sea offshore Ravenna, Italy.

The project consists of the Engineering, Procurement, Construction and Installation (EPCI) of a new offshore facility, linked to the existing one, for the docking and mooring of the FSRU, to be connected to shore via a 26” offshore pipeline 8.5 km in length, plus a 2.6 km onshore pipeline and a parallel fibre optic cable. The shore crossing will utilize a microtunneling system to minimize environmental impacts. Offshore operations will be executed by Saipem’s pipelay barge Castoro 10.

The new FSRU will enable an increase in Italy’s LNG import capacity, thus improving the country’s energy security thanks to the diversification of gas sources.

Pursuant to Article 6 of the Consob Regulation on related party transactions, Saipem informs that both the above transactions entered into with Eni Côte d’Ivoire and Snam Rete Gas qualify as "related party transactions", as they involve companies subject to common control. In particular, Eni S.p.A. controls both Saipem S.p.A. (joint control shared with CDP Equity S.p.A.) and Eni Côte d'Ivoire. Cassa Depositi e Prestiti S.p.A. controls both Saipem S.p.A., through CDP Equity S.p.A. (joint control shared with Eni S.p.A.), and Snam Rete Gas, through Snam S.p.A. and CDP Reti S.p.A. Both the transactions, which qualify as "transactions of greater importance" pursuant to the Management System Guideline “Transactions with Related Parties and Parties of Interest” adopted by Saipem, fall under the exclusion provided for by Article 9 of the mentioned procedure and Article 13, paragraph 3, letter c) of the aforementioned Consob Regulation, as they are "regular transactions completed at market-equivalent or standard terms ".