Global energy firm, Saipem announced in a statement as part of first quarter 2021 results, that it has awarded Four work orders from Saudi Aramco.
The total value of orders was USD 450 million.
The scope of the work orders wasn’t disclosed but mentioned that they would be included in the backlog in the second quarter.
Saipem also announced that it has Extended for 3 years (plus 3 additional optional years) the Long-Term Agreement (LTA) frame agreement with Saudi Aramco for conventional offshore E&C activities related to further development plans of existing fields in the Kingdom of Saudi Arabia.
“The results of the first quarter of 2021 are inevitably affected by the overall economic context, which is still heavily impacted by the pandemic crisis, by the slowdown of E&C activities in some projects and by the recent events in Mozambique. Over these years, Saipem has demonstrated resilience and adaptability in dealing with complexity in challenging scenarios. In a continuously evolving market, the company has solid fundamentals to face at best future challenges” Stefano Cao, Chief Executive Officer, commented.
