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The company led by Stefano Cao wins a new $ 280 million contract for the transportation and installation of a pipeline between Denmark and Poland
by Celestina Dominelli
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Saipem breakthroughs in the Baltic Sea. The company led by Stefano Cao has won, through its British “arm”, a new order from Gaz-System for the transport and installation of a gas pipeline between Denmark and Poland. The contract has a value of 280 million dollars (260 million euros at the current exchange rate) and refers to the construction of a pipeline, at depths between 4 and 57 meters, which will be installed by Saipem vessels configured for the so-called laying S-lay, in which The infrastructure is placed directly from the boat thanks to a launching ramp that allows it to slide towards the bottom of the sea.
The Baltic project
The contract includes micro tunnels and civil works in Denmark and Poland, rock dismantling, as well as excavation and backfilling before and after laying. The works will begin immediately. The project Baltic tube It is developed by a joint venture between Gaz-System and Energinet.dk and is co-financed by the European Union for the construction of a new intereuropean gas corridor that will supply gas directly from Norway to Poland, Denmark and neighboring countries. The project as a whole has a value of 1,500 million euros and will be operational in October 2022.
Racheli: Saipem’s presence in a strategic area is strengthened
“This new contract, acquired thanks to our solid experience in the construction of pipelines and that comes at a critical moment for the energy industry worldwide – he commented Francesco Racheli, director of operations of the Offshore E&C (Engineering and Construction) division, will help guarantee the continuity of the European gas supply and will strengthen Saipem’s presence in a highly strategic area. Therefore, we are committed to completing this important project quickly and successfully. ”
The withdrawal of the 2020 orientation
As is known, in recent weeks Saipem has withdrawn the orientation 2020 Due to the combined effect of the crisis caused by the emergence of the coronavirus and the drop in the price of crude oil, but in an interview with Sole 24 Ore, CEO Cao assured the market that the company was able to cope with this delicate phase. “The order book and the balance of the company were and continue to be very solid. Saipem has adequate liquidity and significant assets to face the current context and related foreseeable developments. “
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