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Saipem Secures $700 Million Worth Of Contracts

Date : 03/29/2012 @ 5:48AM
Source : Dow Jones News
Stock : Saipem (SPM)
Quote : 18.75  0.13 (0.70%) @ 11:30AM
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Saipem Secures $700 Million Worth Of Contracts

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Italy's Saipem SpA (SPM.MI) Thursday said it has been awarded engineering and construction contracts in Brazil and Saudi Arabia worth about $700 million.

Saipem said in a statement it had also agreed to various changes in the scope of its work on existing offshore contracts in north and west Africa.

MAIN FACTS:

- The Brazil contract, awarded by Petrobas, comprises engineering and procurement of subsea equipment as well as installation of a 380 kilometre pipeline.

- The Saudia Arabia contract is within the framework of a long-term agreement signed with Saudi Aramco and comprises fabrication, transportation and installation of offshore structures.

-By Zofia Bakowska, Dow Jones Newswires; +39 02 5821 9908; zofia.bakowska@dowjones.com



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