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Saipem bags USD 600m worth of FPSO lease extensions offshore Brazil and Angola

15th July 2014

Saipem has been awarded contracts for the extension of leasing and upgrading works of the Cidade de Vitoria FPSO (Floating production, storage and offloading vessel) in Brazil, as well as a lease extension and operation contract for the Gimboa FPSO in Angola

Saipem bags USD 600m worth of FPSO lease extensions offshore Brazil and Angola
In Angola, Saipem has been awarded by Sonangol P&P a two-year extension of the Gimboa FPSO lease and operation contract

These contracts are worth in total approximately USD 600 million

Saipem has been awarded by Petrobras a four-year extension to the Cidade de Vitória FPSO lease contract at Petrobras’ Golfinho Field, in Brazil’s Espirito Santo Basin, as well as a contract for modification and upgrading of the leased FPSO vessel.

The total value of the two contracts is approximately USD 450 million.

The Cidade de Vitória FPSO, owned and operated by Saipem, has been under a lease and operation contract to Petrobras since 2005. The contract has now been extended by four years, until 2022.

The modification works that Saipem will carry out on the vessel are valued at approximately USD 110 million. The works will increase the produced water treatment capacity and allow the connection of two additional gas wells with a high level of condensates by the first quarter of 2016.

Saipem Execution Centre in France is responsible for the upgrade work, while pre-fabrication and installation of the topside will be done in Brazil.

In Angola, Saipem has been awarded by Sonangol P&P a two-year extension of the Gimboa FPSO lease and operation contract. The Gimboa FPSO is owned and operated by Saipem, and has been under a lease and operation contract in Block 4/05 since 2006.

The contract is extended to the first quarter of 2017 and the two-year extension has a value of approximately USD 150 million.

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