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Image courtesy of Saipem.

Italy’s Saipem won a $1 billion engineering and construction contract from Daewoo Shipbuilding & Marine Engineering for work in the Caspian Sea.

The contract includes yard engineering, fabrication and pre-commissioning activities as well as the load-out of 55,000 tons of pipe racks.

Further details about the contract have not been disclosed.

The contract was awarded through Saipem controlled company ERSAI Caspian Contractor.

“This contract underlines our excellent track record in a key market for Saipem and I look forward to the continued development of our presence in the Caspian Region, working with our local partners to deliver a high quality service to some of our most important clients,” Saipem CEO Umberto Vergine said.