Saipem has been awarded a significant offshore contract by Azule Energy Angola S.p.A., a subsidiary of Azule Energy Holdings Limited. Azule Energy Holdings Limited is a joint venture between Eni and bp. This contract pertains to the development of the Ndungu Field, a part of the Agogo Integrated West Hub Project, situated approximately 180 kilometres off the coast of Angola. The value of this contract is estimated to be around 850 million USD.
Saipem’s responsibilities encompass the engineering, fabrication, transportation, and installation of approximately 60 kilometres of rigid pipelines and subsea facilities at a depth of around 1,100 metres. Additionally, Saipem will handle the transportation and installation of flexible flowlines, jumpers, and 17 kilometres of umbilicals. Fabrication activities will be conducted at Saipem’s Ambriz yard in Angola. For the offshore installation campaign, Saipem plans to utilise its FDS vessel for the transportation and laying of the rigid pipelines.
This project award further solidifies Saipem’s position in Angola, both in deep and shallow waters, by providing innovative and efficient solutions aimed at reducing installation times.
In accordance with Article 6 of the Consob Regulation on related party transactions, it is noted that this contract qualifies as a related party transaction. This is due to it being conducted with a subsidiary of a joint venture involving the Eni group. It is classified as a transaction “of greater importance” and, as an “ordinary transaction carried out at market-equivalent or standard conditions,” it benefits from exclusion under Article 13, paragraph 3, letter c) of the Consob Regulation on transactions with related parties and Article 8.2, letter c) of Saipem’s Management System Guidelines on “Transactions with Related Parties and Parties of Interest.”
For more information visit www.saipem.com
