Saipem awarded Angola offshore contract

Saipem of Italy has been awarded a contract for the provision and management of an FPSO vessel by the Angolan oil company Sonangol P&P. The vessel will be used for the development of the Gimboa field, located about 85 kilometres off the coast of Angola, in Block 4/05 at a water depth of 700 metres.

The contract, which has a total value of approximately USD 570 million2, is for six years and Sonangol has a five-year extension option. For this project, Saipem will convert an oil tanker into an FPSO vessel with a storage capacity of 1,800,000 barrels and a production capacity of 60,000 barrels of oil per day. The FPSO will be delivered in early 2008, when the first oil is expected.