Saipem Wins $3.7 Billion Contracts from TotalEnergies for Angolan Project

Saipem has secured three contracts worth $3.7 billion from TotalEnergies EP Angola Block 20 for the Kaminho offshore project in Angola. The contracts cover Engineering, Procurement, Construction, Transportation, and Commissioning of the Kaminho Floating Production Storage and Offloading (FPSO) vessel; Operation and Maintenance of the FPSO for 12 years, with an option for an additional eight years; Engineering; Procurement; Supply; Construction; Installation; Pre-Commissioning; and Assistance for the commissioning and start-up of a Subsea; Umbilicals; Risers; and Flowlines (SURF) package. TotalEnergies announced the Final Investment Decision (FID) for the Kaminho deepwater development, expected to start production in 2028 with a peak of 70,000 barrels of oil per day. The project involves converting a Very Large Crude Carrier (VLCC) into an FPSO unit designed to minimize greenhouse gas emissions.
TotalEnergies holds a 40% interest in the project, with Petronas and Sonangol holding 40% and 20%, respectively. Separately, Saipem announced an $850 million contract from Azule Energy Angola S.p.A. for the Ndungu Field development, part of the Agogo Integrated West Hub Project. This contract includes the installation of rigid pipelines and subsea facilities at a depth of around 1,100 meters. Saipem is a global leader in engineering and construction for the energy and infrastructure sectors, operating in over 50 countries with around 30,000 employees.