Saipem nets US$190 million in new contract awards

expat network

Saipem nets US$190 million in new contract awards

Saipem has been awarded new contracts in Offshore Drilling involving the sixth-generation semi-submersible rig Scarabeo 8, suitable for harsh environments. Drilling activities will take place offshore Norway, and will last approximately 10 months, excluding options.

The first contract refers to the award by A/S Norske Shell of an optional well in relation to the contract previously assigned and announced last December.

The second contract has been awarded by Total E&P Norge A/S for the drilling of one well in direct continuity with the completion of the operations conducted for A/S Norske Shell.

Both these contracts fall within the first quarter 2018 acquisitions.

An additional contract was also finalized with Aker BP for the drilling of 4 wells plus 2 optional. Operations are expected to commence within the end of the fourth quarter of 2018, following completion of operations for Total E&P Norge A/S.

In the offshore E&C sector, Saipem has been awarded a project by ConocoPhillips Ltd for decommissioning in the UK sector of the North Sea.

Finally, Saipem has also been awarded a new project in the Arabian Gulf. Works involve engineering, construction, offshore installation and commissioning of a new crude transmission line. The contract has been awarded by Aramco Gulf Operations Company Limited (AGOC) and Kuwait Gulf Oil Company (K.S.C) (KGOC), jointly operating as Al Khafji Joint Operations (KJO).

Stefano Cao, Saipem CEO, commented: “The new contracts in offshore drilling confirm the strategy of the company in this segment, aimed at consolidating relationships, including with new customers, while awaiting a further recovery of this market. Moreover, through the new awards in offshore E&C, Saipem is further reinforcing its presence and solid expertise in a strategic businesses such as decommissioning”.

Saipem is one of the world leaders in drilling services, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil & gas market. The company has distinctive competences in operations in harsh environments, remote areas and deepwater. Saipem provides a full range of services with “EPC” and “EPCI” contracts (on a “turn-key” basis) and has distinctive capabilities and unique assets with a high technological content.

Source: www.saipem.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.