Saipem
Saipem
Saipem recently noted that as part of Total’s 26 April declaration of force majeure on the Mozambique LNG project, “evaluations are underway in close cooperation with the client to preserve the value of the project.”
The company added that the project is part of Saipem’s backlog at a value of $4.85 billion, with approximately $1.7 billion of that amount relating to activities that will take place from 1 April to the end of 2021. It reported new contract awards of $1.9 billion, with a total backlog of $30 billion, although 78% of that amount is non-oil related. For the first quarter, revenues reached $1.9 billion.
The company also recently agreed to a three year extension to its long-term agreement with Saudi Aramco for conventional offshore projects, and four work orders worth $450 million, to be part of the second quarter backlog.
