Saipem Gets $900 Million Contract to Work on Shell's Nigerian Oil Field

Dow Jones12-19

By Christian Moess Laursen

Saipem received a $900 million contract from Shell to work on the energy giant's offshore Bongo North oil field in Nigeria.

The Italian oilfield-services company said Thursday that the contract was awarded to its consortium with Nigeria's KOA Oil & Gas and Aveon Offhshore.

The overall value of the contract is about $1 billion, with Saipem's share amounting to around $900 million, it said.

The project entails linking wells to the existing floating storage and production offloading vessel at Shell's Bongo project, located 130 kilometers off the coast of Nigeria.

Under the contract, Saipem will work on the engineering, procurement, construction and installation of risers, flowlines, subsea umbilicals, and associated underwater structures.

The award boosts Saipem's overall order book through 2027 and confirms its strong position in deep-water activities in West Africa, it said. The company, which is one of the largest oilfield-services providers in the world by market capitalization, has been present in Nigeria since the late 1960s.

Shell took a final investment decision on the Bongo North project earlier this week, involving the drilling of 16 wells. The Bongo field has an estimated recoverable resource volume of more than 300 million barrels of oil equivalent.

Saipem's shares were up 1.7% at 2.60 euros in afternoon trading in Milan. Its stock has gained 77% in the year so far, driven largely by increased activity in the sector as oil-and-gas majors rush to solidify their portfolios.

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

(END) Dow Jones Newswires

December 19, 2024 08:22 ET (13:22 GMT)

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

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