Saipem authorised to proceed with EPCI for Hammerhead offshore project in Guyana

Core Insights - Saipem has received authorization from ExxonMobil Guyana to proceed with EPCI activities for the Hammerhead offshore project, valued at approximately $500 million [1][2] - The project is located in the Stabroek block at a depth of around 1,000 meters, with operations expected to commence in 2028 [2][3] - Saipem's responsibilities include the EPCI of subsea structures and gas export systems for the Hammerhead oilfield, utilizing various construction vessels [3][4] Project Details - The EPCI contract for the Hammerhead project is approximately $500 million (€426.71 million) [1] - Initial activities began following a limited notice to proceed received on April 2, 2025, allowing for detailed engineering and procurement [2] - The offshore campaign is set to start in 2028, following the final investment decision by ExxonMobil and its co-venturers [2] Local Impact and Previous Contracts - Logistics for the project will be managed within Guyana, supporting local employment and business opportunities [4] - Saipem has previously been awarded six other contracts by ExxonMobil Guyana, including projects at Liza Phase 1 and 2, Payara, Yellowtail, Uaru, and Whiptail [4] - Recently, Saipem announced shareholder approval for a merger with Norwegian subsea contractor Subsea7 [4]