Saipem and Daewoo E&C Co. Ltd enter strategic cooperation agreement

Source: press release, 11 November 2019

Saipem has nearly 50 years of experience in building LNG plants and infrastructures worldwide and providing LNG transport ship technologies
Saipem has nearly 50 years of experience in building LNG plants and infrastructures worldwide and providing LNG transport ship technologies (photo: Saipem)

Saipem and Daewoo E&C Co. Ltd have signed a strategic agreement for cooperation on targeted worldwide opportunities in the onshore oil and gas industry, with specific emphasis on the LNG sector.

By combining both companies’ assets and expertise in engineering, procurement and construction of onshore facilities, the two companies will focus on specific prospects with the target of creating efficiency and value to their customers.

The strategic alliance enhances and capitalises on complementarity and synergies across the whole EPC value chain and establishes a key player capable of delivering superior solutions in global LNG construction.

Maurizio Coratella, Chief Operating Officer of the Saipem Onshore E&C Division, comments, “This strategic agreement with Daewoo will leverage our distinctive competencies in high-end projects, particularly in LNG, and our proven operational experience to support the corporate goals of our customers around the world. Saipem has a historical presence in the LNG sector, a high value-added line, where only qualified operators can work for technological complexity. LNG is strategic for us and we are definitively focusing on it to consolidate our onshore E&C activities and results.”

Kwangho Kim, Chief Operating Officer of the Daewoo E&C Plant Division, says, “Through this Strategic agreement with Saipem, internationally recognised engineering firm, our superior capability especially in LNG construction has been recognised worldwide and obtained the momentum to enhance its engineering capability. Moreover, Daewoo E&C in joint venture with Saipem has been nominated as a preferred bidder for the EPC of the Nigeria LNG Train 7 last September and Daewoo E&C is proud to demonstrate its meaningful entrance into the LNG engineering sector to the market.”