Saipem signs MoU with Saudi Aramco for a potential new company

Source: press release, 21 September 2021

Saipem and Saudi Aramco sign MoU for potential EPC activities
Saipem and Saudi Aramco sign MoU for potential EPC activities (photo: Saipem)

Saipem and Saudi Aramco have signed a memorandum of understanding (MoU) aimed at exploring the possibility to establish in Saudi Arabia a new entity for the execution of engineering and construction activities in the energy and infrastructures industrial sector.

The initiative was taken in the frame of the Saudi Aramco’s Nama’at Investment Industrial Program, focused on building capacity in four key sectors: sustainability, technology, industrial and advanced materials.

The agreement entails the potential creation, in partnership with local entities, of an “EPC National Champion” capable of executing, in-Kingdom, the full range of Engineering, Procurement and Construction (EPC) project activities maximising the employment of local resources.

Saipem has a long-standing collaboration with Saudi Aramco, including the execution of a wide set of activities, from onshore and offshore engineering and construction to drilling activities, with onshore and offshore rigs.