According to a source, Saipem has submitted an offer worth approximately 1 billion reais ($550 million) for the gas export pipeline venture.

This will link five floating production, storage and offloading vessels to be installed in ultra-deep waters in the pre-salt province to a new onshore facility in Cabiunas.

The proposed Cernambi-­Cabiunas project calls for the supply and installation of a giant 373-kilometre, 24-inch pipeline in water depths ranging from 100 metres to 1800 metres.