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    Saipem wins US$600 million FPSO contract offshore Brazil

    News // August 5, 2005
    Saipem has been awarded a contract by Petrobras to provide an FPSO vessel for the Golfinho field development offshore Brazil.

    The Golfinho field, Module 2, is located in 1,400m of water in the Espirito Santo basin, offshore Brazil.

    The contract is worth approximately US$ 600 million, and is for nine years plus three one-year extension options.

    Saipem will convert an oil tanker into an FPSO vessel with a storage capacity of 1,600,000 barrels and an oil production capacity of 100,000 barrels of oil per day.

    The FPSO will be delivered in early 2007, when the first oil is expected. 7 per cent of the construction phase investment and 85 per cent of the operational phase investments will be made in Brazil.

    Golfinho Module 2 FPSO is the first contract won by Saipem on a standalone basis in the high growth leased FPSO market.

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