Saipem has been awarded a new Limited Notice to Proceed (LNTP), worth around 150 million USD, by ExxonMobil Guyana Limited for the engineering, procurement, construction and installation (EPCI) of the subsea structures, umbilicals, risers, and flowlines (SURF) system for the Longtail project, located in the Stabroek Block offshore Guyana, at a water depth of approximately 1,750 metres.
The LNTP allows Saipem to commence preliminary detailed engineering and procurement activities. Execution of the main EPCI scope (including construction and installation activities) is subject to the receipt of the necessary governmental and regulatory approvals, as well as the Final Investment Decision (FID) by ExxonMobil Guyana Limited and its co‑venturers in the Stabroek Block. Once approved, the full contract will have an expected duration of around four years and an estimated overall value of between $750 million and $1.5 billion USD.
Saipem has operated in the Stabroek Block for ExxonMobil Guyana Limited under seven offshore development contracts, four of which have already been completed, namely Liza Phase 1, Liza Phase 2, Payara, and Yellowtail.
