Saipem has signed an Agreement with Aramco and Nasser S. Al Hajri Corporation for the establishment of a new entity in the Kingdom of Saudi Arabia

Thu, 07/14/2022 - 09:00

San Donato Milanese (MI), July 14, 2022— Saipem and the Saudi construction company, Nasser S. Al Hajri Corporation ("NSH"), have signed with Aramco an industrial national engineering, procurement, and construction (EPC) champion implementation agreement (the "Agreement"), as part of Namaat Industrial Investment Programs event, for the execution of onshore EPC projects in the Kingdom by a newly established entity, to be incorporated by Saipem and NSH in Saudi Arabia (the "EPC National Champion").

The initiative follows the MoU signed and announced in September 2021, under Aramco’s Namaat Investment Industrial Programs, focused on building national champions, creating a robust industrial ecosystem and introducing unique job opportunities.

The Agreement envisages the incorporation of the above-mentioned EPC National Champion with the skills and capacity to execute in the Kingdom the full range of onshore EPC project activities, maximising the employment of local resources. The establishment of the EPC National Champion – which is expected by the end of 2022 – is subject to the definition at a later stage of the details concerning the relevant incorporation.

Saipem and Aramco have a long-running collaboration that includes the execution of a wide set of activities, from onshore and offshore engineering and construction, to drilling activities, with onshore and offshore rigs. Saipem and NSH also had fruitful cooperation in the past for the execution of EPC projects in the Kingdom.

The establishment of the EPC National Champion-through the combination of Saipem’s engineering and project management skills with NSH’s construction skills-would represent the chance to improve Saipem’s effective presence in Saudi Arabia’s growing market.

Saipem is an advanced technological and engineering platform for the design, construction, and operation of safe and sustainable complex infrastructure and plants. Saipem has always been oriented towards technological innovation and is currently committed, alongside its clients, on the frontline of energy transition with increasingly digitalised tools, technologies and processes that were devised from the outset with environmental sustainability in mind. It is listed on the Milan stock exchange and operates in 70 countries around the world, with 32 thousand employees from 130 different nationalities.