Saipem Renews Offshore Activities Agreement With Saudi Aramco

Saipem has signed a renewal for its framework agreement with Saudi Aramco. Credit: Adobe Stock/Timon

Saipem has signed a renewal for its framework agreement with Saudi Aramco. The Long-Term Agreement (LTA) now extends until the end of 2027.

With the renewal of the LTA, Saipem is reconfirmed in the exclusive list of contractors selected by Saudi Aramco who are eligible to bid for work orders, known as CRPOs (Contract Release Purchase Orders). These contracts may relate to both the construction of new investment projects and any projects aimed at maintaining production capacity from Saudi Arabia’s offshore fields.

Should Saipem be awarded contracts for activities within the Kingdom under the LTA, these will be carried out by a consortium between Snamprogetti Saudi Arabia (a subsidiary of Saipem SpA) and STAR (Saipem Taqa Al-Rushaid Fabricators Co.), which aims to maximize local activities leveraging the local fabrication yard, established in Saudi Arabia in 2008.

Saipem and Saudi Aramco have a long history of collaboration on onshore, offshore and drilling project.

The renewal of the LTA confirms the trust in Saipem’s services, technology and expertise, reaffirming the company’s role and presence in the Kingdom of Saudi Arabia’s offshore oil and gas sector.