The Italy-based infrastructure and engineering company was awarded the contract by ExxonMobil Guyana, a subsidiary of ExxonMobil, in December 2022.
Saipem’s announcement comes after ExxonMobil and its partner made the final investment decision on the $12.7bn Uaru oil field development project last month.
The project is situated in the Stabroek block, off the coast of Guyana, at a depth of approximately 2,000 metres below sea level.
It is anticipated to have a production capacity of close to 250,000 gross barrels of oil per day when production begins in 2026.
Under the contract, Saipem will be tasked with the design, fabrication, and installation of subsea structures, risers, flowlines, and umbilicals for a large underwater production unit.
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Saipem intends to carry out contract work using its flagship vessels, Saipem Constellation and FDS2.
As per the earlier announcement, the Italian firm had commenced some work such as detailed engineering and procurement.
Previously, ExxonMobil Guyana had awarded Saipem four contracts for developments in the same region, namely Liza Phase 1 and 2, Payara, and Yellowtail.
The company has categorised this contract as large as its value is expected to be in the range of $500m to $1bn.