(Finance) – Saipem confirms the recent award of a Limited Notice to Proceed (LNTP) by BW Offshore SPV PTE Ltd, for preliminary engineering services for the construction of an FPSO unit (Floating Production Storage and Offloading) which will subsequently operate for Shell and its partners for the development of the Gato do Mato oil and gas fieldlocated about 200 km off the coast of Brazil in the Santos basin, at a depth of about 2,000 meters.
The LNTP is worth up to $ 50 million. Saipem’s stake is worth approximately $ 25 million.