Saipem has secured authorisation from ExxonMobil Guyana to proceed with engineering, procurement, construction and installation (EPCI) activities at the Hammerhead offshore project.  

Located in the Stabroek block off Guyana, the project is located at a depth of approximately 1,000m.  

The EPCI contract value for the project is approximately $500m (€426.71m). 

The company announced on 2 April 2025 that it had received a limited notice to proceed, which allowed it to begin initial activities such as detailed engineering and procurement of long-lead equipment.  

With government and regulatory approvals secured, as well as the final investment decision taken by ExxonMobil and its co-venturers in the Stabroek block, Saipem has been authorised to advance contractual activities, with the offshore campaign due to commence in 2028. 

Saipem's responsibilities include providing EPCI of subsea, umbilical, riser and flowline structures for the production facility and the gas export system associated with the Hammerhead oilfield development project, situated around 200km from the shore of Guyana.  

The company will undertake operations leveraging various construction and support equipment including Saipem’s FDS2 vessel and the Shen Da, a chartered vessel within the Saipem fleet.  

All logistics will be managed within Guyana through the Vreed-en-Hoop Shorebase yard, supporting employment and business opportunities for local communities. 

The company was previously awarded six other contracts by ExxonMobil Guyana in the region, including developments at Liza Phase 1 and 2, Payara, Yellowtail, Uaru and Whiptail. 

Last week, Saipem announced that its shareholders approved its previously announced merger with Norwegian subsea contractor Subsea7.