Saipem in Saudi JV Push

OE Staff
Wednesday, February 26, 2020

Italian oilfield services firm Saipem has signed a memorandum of understanding with the Saudi construction company Abdel Hadi Abdullah Al Qahtani & Sons Company (AHQ). 

Saipem said Tuesday that the memorandum set the path to towards the creation of a Joint Venture in Saudi Arabia. The joint venture, Saipem said, would combine Saipem’s EPC competences and skills with AHQ’s knowledge and experience in logistic, construction, and supply chain.

"The Joint Venture aims to maximize local value creation and to become a first-tier player in the execution of  Onshore construction works as well as of Onshore pipeline EPC projects," Saipem added.

Maurizio Coratella, Chief Operating Officer of the Onshore E&C Division, commented: "Saudi Arabia has been a core market to Saipem from the outset and our ambition is to maintain our EPC leading role in the country.  We are committed to establishing this Joint Venture together with AHQ with the aim of harnessing synergies to support our key Client Saudi Aramco.  

"A central feature of the partnership is the possibility to operate in compliance with the requirements of the IKTVA (In-Kingdom Total Value Add) program launched by Saudi Aramco as an integral part of its contracts to achieve 70% localization of spending by 2021."

Categories: Energy Middle East Engineering Industry News Activity Saudi Arabia

Related Stories

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

Santos and QatarEnergy Agree Mid-Term LNG Supply

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com