Saipem, in joint venture with Daewoo E&C Co. Ltd and Chiyoda Corporation (SCD JV), has secured an engineering, procurement and construction (EPC) contract for the Nigeria LNG Train 7 Project, which will be executed at Bonny Island LNG complex in Nigeria
The contract awarded by Nigeria LNG Limited is said to be worth above US$4bn, with Saipem’s share at around US$2.7bn.
Nigeria LNG Limited (NLNG) is a limited liability company whose main shareholders are the Federal Government of Nigeria represented by the Nigerian National Petroleum Corporation (NNPC), Shell Gas B.V., Total Gaz Electricité France and Eni International (N.A.) N.V.S.a.r.l.
The NLNG Train 7 Project consists of the construction of one complete LNG train and one additional liquefaction unit with a total capacity of approximately eight MTPA, plus other extensive associated utilities and infrastructures.
Stefano Cao, Saipem’s CEO, said, “This new project in Nigeria - where we have been operating for over 50 years - confirms our ability to build solid relationships, qualifying Saipem as a global company. It also proves the validity of the management methods of COVID-19 emergency thanks to the flexibility of our organisational model and the practise of our people to work remotely.
“The investment decision by Nigeria LNG Limited, which includes several important energy companies, demonstrates that natural gas, in whose value chain Saipem has a recognised leadership, will be pivotal to the energy transition. The award of this contract contributes to increase the portion of non-oil-related backlog and confirms the overcoming of the link between Saipem’s share value and oil price.”