In a statement sent to Rigzone recently by the Saipem team, Saipem announced that it has been awarded a new offshore contract for the Sakarya gas field development worth approximately $1.5 billion.
The contract was awarded by Turkish Petroleum OTC for the third phase of the Sakarya gas field development project in Türkiye, the statement highlighted, noting that Sakarya is the largest offshore natural gas field discovered in the country.
Saipem said in the statement that the third phase of development “entails a new dedicated floating production unit (FPU), fed by 27 wells located in the Sakarya and Amasra fields, connected by a new trunkline to the onshore facility located in Filyos, on the Turkish Black Sea coast”. The company revealed that its scope of work “encompasses the engineering, procurement, construction and installation (EPCI) of eight rigid flowlines and a 24-inch diameter Gas Export Pipeline (GEP), approximately 183 km long, connecting the offshore field, at a maximum depth of 2,200 meters, to Filyos”.
The overall duration of the contract is approximately three years, according to Saipem, which noted in the statement that the offshore campaign will be conducted by the company’s Castorone pipelay vessel in 2027.
“Saipem has successfully completed the first phase of the Sakarya field development project awarded in 2021 and is finalizing activities related to the second phase awarded in 2023,” the company said in the statement.
“With the signing of this new contract, the company further consolidates its presence in Türkiye and its involvement in a strategic project that contributes to the country’s energy independence,” it added.
In a statement posted on his X page this week, which was translated from Turkish and reposted by Turkish Petroleum OTC’s X page, Alparslan Bayraktar, who describes himself on his X page as the Minister of Energy and Natural Resources of Türkiye, said, “within the scope of Gastech 2025, we discussed the technical planning for the development of Phase 3 of the Sakarya Gas Field with Saipem CEO Mr. Alessandro Puliti”.
“Following our meeting, an agreement was signed between TP-OTC and Saipem for the construction of a 183 kilometer deep-sea main production pipeline to bring the natural gas to be produced under Phase 3 onshore,” he added.
In its first half results statement, which was posted on Saipem’s website back in July, Saipem said it “achieved a semester of further growth, confirming the constant progression in operating and financial performance over the last three years which enabled, in the month of May, the distribution of the largest dividend in the company’s history”.
“Revenue stood at EUR 7.2 billion ($8.4 billion), and EBITDA reached EUR 764 million ($893.3 million), the latter growing by 35 percent compared to the first six months of last year,” Saipem said in its latest results statement.
“Net profit amounted to EUR 140 million ($163.7 million), an increase of 19 percent year on year. The first half of the year also saw a robust cash generation, with free cash flow reaching EUR 766 million ($895.6 million), compared to EUR 271 million ($316.9 million) in the same period last year,” it added.
“The order intake in the first half of the year amounted to EUR 4.3 billion ($5.0 billion), leading to a consolidated backlog of EUR 31 billion ($36.2 billion),” Saipem continued.
Saipem describes itself on its website as a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 130 nationalities, Saipem notes on its site.
To contact the author, email andreas.exarheas@rigzone.com
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