Saipem awarded circa US$1B offshore contract in Libya
London, 11 August, 2023, (Oilandgaspress) Saipem has been awarded a new contract by Mellitah Oil & Gas B.V. Libyan Branch, a consortium formed by National Oil Corporation of Libya and Eni North Africa, for the development of the Bouri Gas Utilisation Project (BGUP), worth approximately 1 billion USD.
Saipem will undertake revamping of the platforms and of the facilities of the Bouri gas field, which lies in water depths between 145 m and 183 m, offshore the Libyan coast. The contract entails the engineering, procurement, construction, installation and commissioning (EPCIC) of an approximately 5,000-ton Gas Recovery Module (GRM), onto the existing DP4 offshore facility, together with the laying of 28 km of pipelines connecting the DP3, DP4 and Sabratha platforms.
The main lifting operations will be executed by the semi-submersible crane vessel Saipem 7000. With this award, Saipem confirms its commitment and competitive positioning offshore Libya. The completion of the project will make an important contribution to reducing CO2 emissions in Libya.
Pursuant to Article 6 of the Consob Regulation on related party transactions, Saipem informs that the above transaction qualifies as a “related party transaction”, since Eni S.p.A. jointly controls both Saipem and Mellitah Oil & Gas B.V.. The transaction, which qualifies as a “transaction of greater importance” pursuant to the Management System Guideline “Transactions with Related Parties and Parties of Interest” adopted by Saipem, falls under the exclusion provided for by Article 9 of the mentioned procedure and Article 13, paragraph 3, letter c) of the aforementioned Consob Regulation, as it is a “regular transaction completed in market-equivalent or standard terms”.
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