Saipem of Italy secures $2 billion offshore contract in Saudi Arabia

Saipem (SPMI.MI), an Italian energy engineering business, announced on Wednesday that it has secured an offshore contract valued at approximately $2 billion for the development of Saudi Arabia’s Marjan oil field.
The business stated in a statement that the contract was inked under the current long-term agreement with oil giant Saudi Aramco (2222.SE), opens new tab.
Earlier this month, Saipem said that it had secured an offshore contract worth $4 billion with QatarEnergy, one of the leading LNG producers in the world, as well as two more offshore contracts for roughly $1 billion with Saudi Aramco.According to the agreement, which was made public on Wednesday, Saipem would be in charge of “engineering, procurement, construction and installation of rigid flowlines, undersea composite cables and fiber optic cables, as well as wellhead platforms’ topsides and jackets, tie-in platform jacket and topside.”
Shares of Saipem were up 1.48% at 11:43 GMT.