Saipem's share estimated at 250 mln usd (Il Sole 24 Ore Radiocor) - Milan, 12 Jul - The Italian energy and infrastructure engineering and construction company Saipem announced the signing of a framework agreement between BP Exploration (Caspian Sea) Limited and a consortium composed of Saipem Contracting Netherlands BV, BOS Shelf LLC and BOS Shelf International FZCO.

The framework agreement entails the execution of offshore activities in the Azerbaijani waters of the Caspian Sea operating the SCV Khankendi, a state-of-the-art vessel owned by the Shah Deniz consortium and specifically designed for subsea construction.

The overall value of the services that can be provided upon customer request, pursuant to the framework agreement, is estimated at approximately 300 million dollars, of which 250 million related to Saipem's share.

Saipem will operate the vessel and will provide the crew to perform the marine activities for the Shah Deniz and Azeri-Chirag-Gunashli fields, located off the coast of Azerbaijan. The consortium's responsibilities include engineering, procurement, construction and installation of subsea infrastructures and life-of-field services.

The agreement has an initial duration of three years with the possibility of extension for a further two.

AAA-Hob

(RADIOCOR) 12-07-24 12:01:25 (0261) 5 NNNN