LNG

Nov 11 (LNGJ) - Italian energy engineering company Saipem and South Korea’s Daewoo Engineering and Construction Co. have signed a strategic agreement for cooperation on targeted worldwide opportunities with specific emphasis on the LNG sector.

   Daewoo in joint venture with Saipem have already been nominated as preferred bidders for the engineering, procurement and contract for the Nigeria LNG Train 7. Saipem and Daweoo said the strategic alliance will enhance and capitalize on synergies and establish a key player capable of delivering in the global LNG construction sector.

   “This strategic agreement with Daewoo will leverage our distinctive competencies in high-end projects, particularly in LNG, and our proven operational experience to support the corporate goals of our customers around the world,” said Maurizio Coratella, Chief Operating Officer of the Saipem Onshore Engineering Division.

Saipem, the Italian energy and LNG engineering company, said it is part of a joint venture awarded a contract worth around $2.5 billion for the design and construction of the platform-based Arctic II LNG project being developed by Russian natural gas company Novatek.

July 25 (LNGJ) - Italian energy engineer Saipem, one of the company’s retained for the Nigerian LNG expansion front-end engineering and design contest, posted first-half revenues of 3.79 billion euros ($4.42Bln) and adjusted operating profit for the period of 255 million euros versus 260M euros in the first half of 2017. “We recorded a substantial volume of new contracts in all business sectors, especially in Offshore and Onshore Engineering and Construction, in which we are achieving a balance between oil and non-oil related projects as well as penetration in new geographical areas,” said Stefano Cao, Saipem Chief Executive. “We expect that commercial activity will maintain its momentum in the second half,” added the CEO. “We have also approved a new phase of reorganisation, which will be fully operative by the end of the year,” he stated.