Saipem SpA said Tuesday that it has been awarded onshore drilling and offshore engineering and construction contracts in the Middle East worth around $1.25 billion.
The Italian engineering company said the first batch of contracts extends the use of four land rigs for exploration and production activities by 10 years. The value of these contracts is approximately $600 million, the company said.
Saipem said it has also been awarded four new contracts for the engineering, procurement, construction and installation of subsea pipelines and composite cables, umbilicals, fiber optic cables, and other offshore brownfield modifications.
These contracts' combined value is approximately $650 million, the company said.
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