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Italian oil services provider Saipem has secured new contracts, worth a combined value of approximately $600m, in Brazil and Angola.

Under the Brazilian contract, Saipem will lease its Cidade de Vitoria floating production storage and offloading (FPSO) vessel to Petrobras for an additional four years and will also undertake work to upgrade the vessel.

The Cidade de Vitória FPSO has been under a lease and operation contract to Petrobras since 2005 and the latest deal has now been extended until 2022.

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

Saipem’s execution centre in France will undertake the upgrade work, while prefabrication and installation of the topside will be carried out in Brazil.

The company said the entire works on the Cidade de Vitoria FPSO are expected to cost approximately $450m.

"The company said the entire works on the Cidade de Vitoria FPSO are expected to cost approximately $450m."

In Angola, Saipem has secured a two-year extension, worth $150m, from Sonangol P&P for the Gimboa FPSO lease and operation contract.

The Gimboa FPSO has been under a lease and operation contract in block 4/05 since 2006 and the latest deal is extended until the first quarter of 2017.

Saipem operates in engineering, construction and drilling with oil and gas-related activities in remote areas and deep waters.


Image: Saipem wins new contracts for FPSOs in Brazil and Angola. Photo: courtesy of suwatpo / FreeDigitalPhotos.net.

Energy