Saipem, new 4 billion contract in the United Arab Emirates: shares soar on the stock market

Saipem, in consortium with the National Petroleum Construction Company (NPCC), has signed an agreement with Adnoc for a new contract relating to the design of the Hail and Ghasha development project in the United Arab Emirates. The value of the relevant share din Italian society is approximately $4.1 billion

The Abu Dhabi oil company Adnoc has assigned to Maire, an Italian corporate group active in the engineering, technological and energy sector, and to Saipem, the task of building a plant for the exploitation of the Hail and Ghasha gas fields, off the coast of capital of the United Arab Emirates. The company founded by Enrico Mattei has received an order worth 4.1 billion, with its shares rising by 3% on Piazza Affari.

The project

The scope of work includes the engineering, procurement and construction (EPC) of four drilling centers and a processing plant to be built on artificial islands, as well as various offshore structures and over 300 kilometers of subsea pipelines. Saipem will therefore have to carry out integrated onshore and offshore projects, providing its customers with a unique and reliable interface, making use of its vessels for shallow water operations, its technology for welding corrosion-resistant materials, as well as its engineering expertise. Saipem in Abu Dhabi already has an engineering and project execution center, as well as a new offshore logistics base in the port of Zayed.