Saipem to proceed with $1.5 billion subsea contract following sanctioning of ExxonMobil’s Whiptail oil project offshore Guyana

April 15, 2024

(WO) –Saipem has received authorization to proceed with ExxonMobil’s Whiptail oil field development offshore Guyana, at a water depth of approximately 2,000 m, following the announcement that the Stabroek consortium has reached a final investment decision.

Saipem's Castorone vessel

Saipem’s scope of work entails the detailed Engineering, Procurement, Construction, and Installation (EPCI) of a subsea production facility. The contract value is between $750 million and $1.5 billion.

Saipem had already started initial activities, namely the detailed engineering and procurement of the long lead items. Following the issued authorization, the company can proceed with the remaining project activities.

Saipem's vessels FDS2, Castorone and Constellation will be used for the offshore installation. Furthermore, for the on-site construction of part of the submarine items, Saipem will deploy its Guyana Offshore Construction Facility, located at the Port of Georgetown, and an additional local fabrication facility.

Saipem had been previously awarded five additional contracts by ExxonMobil Guyana for projects in the same region: Liza Phase 1 and Phase 2, Payara, Yellowtail and UARU.

Saipem has 7 fabrication yards and an offshore fleet of 21 construction vessels (of which 17 owned and 4 owned by third parties and managed by Saipem) and 15 drilling rigs, of which 9 owned.

Lead image: Saipem's Constellation vessel

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