Saipem has received authorisation from ExxonMobil Guyana to proceed with the execution of an offshore contract for the Hammerhead oil field, located in the Stabroek block off Guyana at a depth of around 1,000 metres. The contract is valued at approximately $500 million.
The company had announced on April 2, 2025, that it received a limited notice to proceed, which enabled initial engineering work and procurement of long-lead items.
Following regulatory approvals and the final investment decision by the client and its co-venturers, Saipem has now been cleared to continue full execution, with offshore operations scheduled to begin in 2028.
The scope of work covers the engineering, procurement, construction, and installation of subsea umbilical, riser and flowline structures for the production facility and associated gas export system, located about 200 kilometres offshore.
Operations will be carried out using vessels including Saipem’s FDS2 and the chartered Shen Da. Logistics will be managed locally through the Vreed-en-Hoop Shorebase yard in Guyana.
The Hammerhead project adds to Saipem’s portfolio in the country, where it has previously executed work on six other projects: Liza Phase 1 and 2, Payara, Yellowtail, Uaru, and Whiptail.