Saipem, through its subsidiary PT Saipem Indonesia, in joint venture with PT Tripatra Engineers and Constructors, awarded a contract for engineering activities, procurement, construction and installation (EPCI) of a unit production, storage and unloading (FPSO) floating system intended for "Kutei North Hub Field Development" project, located in the in the Kutei Basin, in the East Kalimantan region, Indonesia.

The contract, worth approximately two billion dollars for the part of Saipem's responsibility, was awarded by Eni North Ganal, a subsidiary of Searah Ltd., in turn company resulting from the business combination consisting of Eni and Petronas.

The execution of the project, which has an estimated duration of approximately 48 months, includes project management, engineering and Detailing, Materials Procurement, Manufacturing, construction and installation, as well as commissioning phases and FPSO start-up.

The Kutei FPSO project is part of the development of the Kutei North Hub Field Development, which provides a subsea to a new FPSO, a gas pipeline dedicated to the export of LNG plant in Bontang and to gas consumers for domestic uses through the current East Kalimantan System.