Saipem and Renaissance seal $2.5 bln Arctic LNG 2 contract

Saipem seals $2.5 bln Arctic LNG 2 contractImage courtesy of Saipem

Italian oil and gas industry contractor Saipem has secured a €2.2 billion ($2.5 billion) contract for Russian Novatek’s Arctic LNG 2 project. 

In a joint venture with Renaissance, a Turkish oil and gas services company, Saipem has been awarded an onshore engineering and construction project to build three liquefaction trains with a 6.6 million tons per annum capacity each.

Saipem leads the E&C joint venture with a shareholding of 50 percent, therefore securing €1.1 billion share of the contract value.

Arctic LNG 2, a joint venture between Novatek (60 percent) and Ekropromstroy (40 percent), will be executed in the Tazovsky District, in the autonomous administrative region of Yamal-Nenets, in the western part of the Gydan Peninsula.

The three production trains will be installed on concrete gravity-based structures (GBS) as well as LNG storage facilities totalling 687,000-cbm.

The works entrusted to the JV comprise the design and build of the three 30-meter high concrete gravity-based structures that will be fabricated in two dry docks in a Novatek provided facility in Murmansk. Subsequently, they will be towed and installed in Gydan.

The contract forms part of a strategic partnership agreement signed by Saipem and Novatek in 2016 for activities associated with LNG projects.

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