Saipem scoops $600m FPSO deals

Extensions: For Umberto Vergine-led Saipem off Brazil and Angola

Saipem has landed contract extensions from state players Petrobras of Brazil and Sonangol of Angola for work on a pair of floating production, storage and offloading vessels.

A $450 million deal will see Saipem perform some modification work on the Cidade de Vitoria FPSO, which works on the Golfinho field in the Espirito Santo basin.

The Italian player will be involved in pre-commissioning and installation of the topsides in modification work valued at $110 million.

The works will increase the produced water treatment capacity and allow the connection of two additional gas wells with a high level of condensates by the first quarter of 2016.

Saipem has also seen the lease and operation contract for the unit to Petrobras extended by four years to 2022.

Meanwhile, Sonangol P&P has extended its lease and operation contract on the Gimboa FPSO on Block 4/05 by two years to the first quarter of 2017.

That contract has a value of approximately $150 million.

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