Saipem awarded South American, Middle Eastern contracts

Italy-based Saipem was recently awarded onshore drilling contracts in the Middle East and South America (Colombia and Peru).

The South American contracts will boost oil and gas development in South America, where Saipem already has a major presence.

The value of the new contracts is estimated at $250 million and include two major contracts awarded by Kuwait Oil Co., the Kuwaiti national oil company.

The contracts are for terms of five years with an option to extend for a further 12 months.

They come on the heels of the recent award notification from the Kuwait National Petroleum Corp. for two packages of the Al-Zour New Refinery Project.

This is Saipem’s first appearance in the Kuwaiti onshore drilling market.

Saipem focuses on engineering, construction and drilling with emphasis on oil- and gas-related activities.