Saipem wins $1 billion in contracts

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Italian oil services company Saipem, a subsidiary of oil major ENI, has won more than $1 billion (700 million euros) in contracts for offshore work in Egypt, Russia and the North Sea, the firm said Monday.

In Egypt, the contract from Burullus Gas Company was for seven installations in the West Delta Deep Marine Concession -- 90 kilometres off the Nile delta, at a depth of between 400 and 1,000 metres.

In Russia, Saipem will expand the Yuhznaya Ozereyevka terminal on the Black Sea coast for Caspian Pipeline Consortium.

The North Sea contract is for installation work in the Norwegian and British sectors.

Saipem also announced increased work on existing contracts in the Caspian Sea and the Gulf of Mexico.

© 2011 AFP

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