Saipem, Daewoo Ink Engineering Pact

Italian gas firm Saipem has entered into a strategic pact to work with South Korea’s Daewoo E&C to target opportunities in the global oil and gas industry, particularly in the LNG sector.

The pair will combine their assets and experience in engineering, procurement and construction (EPC) of onshore facilities to try and exploit these opportunities, Saipem said in a statement.

“This strategic agreement with Daewoo will leverage our distinctive competencies in high-end projects, particularly in LNG, and our proven operational experience to support the corporate goals of our customers around the world,” the chief operating officer (COO) of Saipem’s onshore engineering division, Maurizio Coratella, commented.

Kwangho Kim, the COO of Daewoo E&C’s plant division, added that through the agreement “our superior capability especially in LNG construction has been recognised worldwide and obtained the momentum to enhance its engineering capability.”

A joint venture between Daewoo E&C and Saipem was selected in September as the preferred bidder for an EPC contract for the seventh train of the Nigeria LNG plant. Saipem's biggest ever contract award was for the first of the two Mozambique projects.