Saipem awarded a new offshore contract by Azule Energy

Saipem has been awarded a new offshore contract by Azule Energy Angola S.p.A., subsidiary of Azule Energy Holdings Ltd. an incorporated joint venture between Eni and bp, for the development of the Ndungu Field as part of Agogo Integrated West Hub Project, located approximately 180 km off the coast of Angola. The value of the contract is around US$850 million.

Saipem’s scope of work entails the engineering, fabrication, transportation and installation of approximately 60 km of rigid pipelines and of the subsea facilities at a depth of around 1100 m, and the transportation and installation of flexible flowlines, jumpers and 17 km of umbilicals. Fabrication activities will be executed at Saipem’s Ambriz yard, in Angola. For the offshore installation campaign Saipem expects to deploy its FDS vessel, for the transportation and laying activities of the rigid pipelines.

The award of this important project further consolidates Saipem’s positioning in Angola, both in deep waters and in shallow waters, through the provision of innovative and efficient solutions to reduce installation times. Pursuant to Article 6 of the Consob Regulation on related party transactions, it is informed that this contract qualifies as a related party transaction - as it is carried out with a subsidiary of a joint venture of the Eni group – ‘of greater importance’ and which, as an ‘ordinary transaction and carried out at market-equivalent or standard conditions’, benefits from exclusion pursuant to Article 13, paragraph 3, letter c) of the Consob Regulation on transactions with related parties and Article 8.2, letter c) of the Saipem’s Management System Guidelines ‘Transactions with Related Parties and Parties of Interest’.

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