Saipem Spa - Milan-based oilfield services company - A consortium consisting of Saipem Contracting Netherlands BV, BOS Shelf LLC and BOS Shelf International FZCO has signed a framework agreement with BP Exploration (Caspian Sea) Ltd, part of BP PLC. The deal entails the execution of offshore activities in the Azerbaijani waters of the Caspian Sea. Saipem will operate the SCV Khankendi vessel and provide the crew for marine activities concerning the Shah Deniz and Azeri-Chirag-Gunashli fields. The consortium will take responsibility for the installation, construction, procurement and installation of subsea infrastructures and life-of-field services. Saipem estimates the overall value of the services to be approximately $300 million. Of this, $250 million relates to Saipem’s share. Initial agreement has a three-year duration, but may be extended for two more years.
Saipem says the agreement ‘reinforces Saipem’s long-standing relationship with BP and consolidates its presence in an area where the company has been operating since the late 1990s. It also confirms Saipem’s role as an advanced and reliable partner for all kinds of offshore operations and services.’
Saipem current stock price: €2.36, up 1.8% in Milan on Friday
12-month change: up 60%
BP current stock price: 459.65 pence, up 1.7% in London
12-month change: down 1.5%
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