Italian company Saipem has signed a strategic agreement with Korean firm Daewoo E&C for targeted onshore oil and gas projects worldwide.
The collaboration is aimed primarily on liquefied natural gas (LNG) sector projects.
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Under the strategic partnership, Saipem and Daewoo will bring together their assets and expertise in the engineering, procurement and construction (EPC) of onshore facilities.
The parties will lay emphasis on particular prospects to generate efficiency and create value to customers of both companies.
Saipem Onshore E&C Division chief operating officer Maurizio Coratella said: “This strategic agreement with Daewoo will leverage our distinctive competencies in high-end projects, particularly in LNG, and our proven operational experience to support the corporate goals of our customers around the world.
“Saipem has a historical presence in the LNG sector, a high value-added line, where only qualified operators can work for technological complexity.”
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By GlobalDataMaurizio added that the company considers LNG as ‘strategic’ and noted that it is focusing on it to consolidate its onshore engineering and construction (E&C) activities.
The deal will also help deliver global LNG construction solutions.
Daewoo E&C Plant Division chief operating officer Kwangho Kim said: “Through this Strategic agreement with Saipem, internationally recognised engineering firm, our superior capability especially in LNG construction has been recognised worldwide and obtained the momentum to enhance its engineering capability.
“Moreover, Daewoo E&C in joint venture with Saipem has been nominated as a preferred bidder for the EPC of the Nigeria LNG Train 7 last September and Daewoo E&C is proud to demonstrate its meaningful entrance into the LNG engineering sector to the market.”
