Saipem Secures $3.1 Billion Offshore Gas Contract in Qatar

Italy’s Saipem has secured an offshore engineering, procurement, construction and installation contract worth about $3.1 billion for its share of a major gas project in Qatar. The contract, awarded by QatarEnergy LNG, covers the COMP5 package of the North Field Production Sustainability Offshore Compression Complexes project. Saipem stated that the total value of the award is approximately $4 billion.

The project is part of QatarEnergy LNG’s broader plan to sustain and expand production capacity at the North Field, the world’s largest non-associated natural gas field, located off Qatar’s northeastern coast. The COMP5 package involves the engineering, procurement, fabrication and installation of two compression complexes. Each complex will include a compression platform, a living quarters platform, a flare platform to support the gas combustion system, and interconnecting bridges. Together, the structures will weigh around 68,000 tonnes.

Saipem said the contract will run for roughly five years, with offshore installation operations scheduled to take place in 2029 and 2030 using its De He construction vessel. This contract follows Saipem’s previous awards for the EPCI COMP2 and COMP3 packages in October 2022 and September 2024, both of which are currently in progress.

“The award of the COMP5 package consolidates Saipem’s collaboration with QatarEnergy LNG and reinforces the company’s presence in Qatar as a partner for the execution of complex large-scale projects,” the company said.

QatarEnergy CEO Saad Al-Kaabi recently confirmed that the wider North Field expansion project remains on track to produce its first liquefied natural gas by the second half of 2026. The project involves constructing six gas trains designed to cool natural gas into liquefied natural gas for export by ship.

Saipem, listed on the Milan Stock Exchange, operates across multiple business lines including asset-based services, drilling, energy carriers, offshore wind, and sustainable infrastructure. The company owns five fabrication yards, a fleet of 17 construction vessels, and 12 drilling rigs, positioning it as a leading player in complex offshore and energy projects.

The new COMP5 contract underscores Saipem’s continued partnership with QatarEnergy LNG and highlights its growing role in the North Field project, which is central to Qatar’s strategy to expand its LNG output and meet global energy demand.