Published by Global Banking & Finance Review®
Posted on December 21, 2025
1 min readLast updated: January 20, 2026
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Saipem secures a $4 billion offshore contract with QatarEnergy for the North Field expansion, with operations set between 2029 and 2030.
Dec 21 (Reuters) - Italy's Saipem said on Sunday it had been awarded an offshore engineering, procurement, construction and installation (EPCI) contract by QatarEnergy LNG in partnership with China's Offshore Oil Engineering Co (COOEC) .
The overall value of the contract is approximately $4 billion, with Saipem's share amounting to roughly $3.1 billion, the company said in a statement.
The deal will run for about five years. Offshore installation operations will be be carried out using the company's De He construction vessel between 2029 and 2030, Saipem added.
QatarEnergy CEO Saad al-Kaabi said last month the company's North Field expansion project will produce its first LNG in the second half of 2026.
QatarEnergy's North Field offshore natural gas project involves the construction of six industrial units - known as gas trains - that cool natural gas into liquid for export by ship.
(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Ros Russell)
LNG stands for liquefied natural gas, which is natural gas that has been cooled to a liquid state for ease of storage and transport. It is used primarily for energy production and is a key component in the global energy market.
QatarEnergy is the state-owned petroleum company of Qatar, responsible for the exploration, production, and export of oil and natural gas. It plays a significant role in the global energy market.
A construction vessel is a specialized ship designed for construction activities at sea, including the installation of offshore structures like oil rigs and wind farms. These vessels are equipped with cranes and other necessary equipment.
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