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Italy's Saipem SpA (SRG.MI) said Friday it won an onshore engineering-and-construction contract worth approximately $350 million in Saudi Arabia.
The contract includes procurement, installation, construction and assistance during the commissioning of a new rainwater drainage system serving the northern side of the City of Jeddah, Saipem said.
The system, scheduled to be completed in 18 months, will mainly be running in the southern and western areas around the King Abdulaziz International Airport and will provide long-term drainage into the Red Sea.
-By Giada Zampano, Dow Jones Newswires; +39 06 69766920; firstname.lastname@example.org