Saipem Secures $2 Billion Contract in Indonesia

Italian energy company Saipem will engage in a project to develop a new natural gas field in Indonesia. The value of the contract received by the company is approximately 2 billion dollars.

According to the agreement, a special floating platform will be built for an offshore gas field located in Indonesia's Kutei Basin. Gas extraction and primary processing will take place on this platform. The project will be implemented by Saipem's Indonesian subsidiary together with local partner PT Tripatra.

The project client is Eni North Ganal, which is a joint company of Eni and Petronas. The new platform will be built for the Kutei North Hub project located in East Kalimantan.

The contract includes project management, technical work, procurement of materials, construction, installation, and platform commissioning. According to preliminary estimates, the completion of the work will require approximately 48 months.

Source: Investing.com