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Stock impact report

Saipem Secures Major Offshore Contract Worth $4B From QatarEnergy [Yahoo! Finance]

Pedevco Corp. (PED) 
NASDAQ:AMEX Investor Relations: pacificenergydevelopment.com
Company Research Source: Yahoo! Finance
Saipem S.p.A SAPMF, an Italian engineering and construction services firm, has secured an engineering, procurement, and construction (EPC) contract for an offshore project in Qatar. QatarEnergy LNG, a subsidiary of QatarEnergy, has awarded this contract to Saipem. The project, worth $4 billion, is part of the North Field production sustainability offshore compression complexes program. Saipem will be working on COMP 3A and COMP 3B of the program. Per the terms of the agreement, Saipem has been tasked with engineering, procurement, fabrication and installation work for six platforms. Furthermore, it will be responsible for laying rigid subsea pipelines spanning 100 km. These pipelines, with diameters of 28 inches and 24 inches, will be made from an alloy that is resistant to corrosion. The contract also includes the laying of 100 km of subsea composite cables and 150 km of fiber-optic cables. Saipem will also be responsible for the installation of additional subsea facilities. T Show less Read more
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