Italian Company “Saipem” Get Billion Dollar US Oil Contract In Guyana Whilst Guyanese Companies Yet To See A Penny

Italian energy services group Saipem said on Tuesday it had won two offshore contracts in Australia and Guyana for a total amount of $1.1 billion.

Saipem received the second contract from ExxonMobil subsidiary Esso Exploration and Production Guyana (EEPGL) for the Yellowtail development project, located in the Stabroek block, offshore Guyana.

Subject to necessary government permits and investment approvals, Saipem will undertake the engineering, procurement, construction, and installation (EPCI) of the subsea umbilicals, risers, and flowlines (SURF) for the Yellowtail project.

Saipem plans to use the FDS2 vessel to conduct the offshore operations. The company will use its fabrication facility in Guyana to build the deepwater structural elements.

Caio added: “The recently opened Saipem fabrication facility in Georgetown will be involved in the execution of the Yellowtail project, ensuring a positive and tangible impact on the country.”