Saipem, a leading engineering, drilling and construction company, said it has signed an MoU with state oil giant Saudi Aramco for exploring the possibility of setting up a new entity in the kingdom that will execute a range of engineering and construction activities in the industrial sector.
An Italian multinational oilfield services company, Saipem offers advanced technological and engineering platform for the design, construction and operation of complex, safe and sustainable infrastructures and plants.
Saipem said the initiative was taken in the frame of the Saudi Aramco’s Nama’at Industrial Investment Programme, focused on capacity building 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, while maximising the employment of local resources, according to the statement from Saipem.
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, it added.-TradeArabia News Service