Italy's Saipem said on Monday it signed a strategic agreement with Daewoo E&C Co. for cooperation in the onshore oil and gas industry, with a specific focus on the liquefied natural gas (LNG) sector.
"LNG is strategic for us and we are definitively focusing on it to consolidate our onshore E&C activities and results," said Maurizio Coratella, COO of the Saipem Onshore E&C division, in a statement.
The deal will combine both companies' assets and expertise in engineering, procurement and construction of onshore facilities, the statement added.
(Reporting by Giancarlo Navach, editing by Giulia Segreti)
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