Saipem Signs $1.9-Billion Contract With TotalEnergies in Suriname

Dow Jones11-14

By Christian Moess Laursen

Saipem received a contract valued at $1.9 billion from TotalEnergies to work on the French oil-and-gas producer's major Gran Morgu project offshore Suriname.

The Italian oilfield-services company said Thursday that the contract contributes to its overall fleet booking until 2028. It boosts the company's presence in South America and bolsters its track record in the development of complex subsea projects, Saipem said.

TotalEnergies expects the project to deliver the first oil in 2028. The energy company greenlit the Gran Morgu field last month with a $10.5 billion investment. It represents the first major subsea development in Suriname and has estimated recoverable resources of more than 750 million barrels of hydrocarbons.

TotalEnergies also awarded Saipem's peers Technip Energies and SBM Offshore a joint contract to work on the field on Thursday. According to Technip's statement, the joint contract represents more than 1 billion euros ($1.06 billion) of revenue.

Saipem--one of the largest oilfield services companies in the world by market capitalization--said the scope of the contract entails the design, building, delivery and installation of subsea infrastructure.

Its shares were up 1.8% at 2.35 euros in morning trading in Europe.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

November 14, 2024 03:53 ET (08:53 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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