Saipem Secures USD 2 Billion Contract for Kutei FPSO

Saipem, through its subsidiary PT Saipem Indonesia, has secured a contract for the engineering, procurement, construction, and installation (EPCI) of a floating production, storage, and offloading (FPSO) unit for the Kutei North Hub field development project, located in the Kutei Basin, East Kalimantan, Indonesia.

The contract, valued at approximately USD 2 billion for Saipem's participation, was awarded by Eni North Ganal, a company controlled by Searah, the entity resulting from the merger between Eni and Petronas.

The project execution, with an estimated duration of 48 months, includes project management, detailed engineering, material procurement, fabrication, construction, and installation activities, as well as the commissioning and start-up of the FPSO unit.

The Kutei FPSO project is part of the Kutei North Hub development, which comprises a subsea development connected to a new floating production, storage, and offloading (FPSO) platform, a dedicated gas export pipeline to the Bontang LNG plant, and domestic gas users via the existing East Kalimantan system.