by Tina Olivero

    Saipem Dominates the Global Oil and Gas Sector with Record $19 Billion Contract Wins

    In a groundbreaking year for the oil and gas industry, Saipem has emerged as the top global contractor, securing an astonishing $19 billion in contracts. According to GlobalData Energy, the industry witnessed 1,142 contracts in the first quarter alone, with Saipem leading the charge in both value and volume.

    Saipem’s Unprecedented Success in Oil and Gas Contracts

    Between Q2 2023 and Q1 2024, Saipem clinched the top spot by contract value, particularly shining in the Middle East, where the majority of its lucrative deals originated. ADNOC and Saudi Aramco, key players in the region, awarded substantial contracts worth $27.26 billion and $24.14 billion, respectively. Saipem’s impressive haul was split across various sectors, with $8.43 billion from the upstream sector and $11.05 billion from midstream.

    Despite a two-year ban from Brazil for government work due to a 2011 gas pipeline contract investigation, Saipem’s momentum remained unhampered. Recently, it won a $1.5 billion contract in Guyana to supply ExxonMobil with a subsea production facility for its Whiptail ultra-deepwater field. Although Saudi Aramco suspended oil drilling contracts with Saipem to stabilize oil production, the company reassured that these changes would not significantly impact its 2024 targets.

    The Saipem 7000 crane vessel

    HD Hyundai: A Close Second with $16.6 Billion in Contracts

    HD Hyundai, encompassing subsidiaries such as HD Hyundai Heavy Industries and HD Hyundai Mipo, secured a close second place, amassing $16.6 billion in midstream contracts over the year. The company topped Q1 2024 with $4.79 billion in deals for LPG, VLGC, LNG carriers, product tankers, and FSRUs. Notably, HD Hyundai partnered with Wood for the topside design of the Trion oil project in the Gulf of Mexico and teamed up with the Scottish Government to explore floating offshore wind projects.

    Maire Tecnimont: Leading the Downstream Sector

    Italian-headquartered Maire Tecnimont secured approximately $14 billion in contracts, dominating the downstream sector with $5.18 billion. The Middle East accounted for three-quarters of its total contracts. A notable deal was a $1.1 billion EPCC contract from Algeria’s Sonatrach for a linear alkyl benzene plant, secured through its subsidiary Tecnimont.

    Technip Energies: Making Waves in the Middle East

    With nearly $12 billion in contracts, Technip Energies’ portfolio was heavily focused on the Middle East. Significant contracts included an estimated $1 billion deal with TotalEnergies for the Marsa LNG bunkering and export terminal project in Oman and a front-end engineering and design (FEED) contract from Harbour Energy for the Viking carbon capture and storage (CCS) project. Additionally, Technip Energies was part of a $4 billion Teesside net-zero initiative.

    Technip’s Deep Blue pipelay vessel

    Larsen & Toubro: A Strong Contender from India

    Indian multinational Larsen & Toubro secured around $10 billion in contracts, with a significant focus on the Middle East. Key projects included a $1.3 billion contract from QatarEnergy for a riser platform at the offshore Al-Shaheen field and multiple contracts for pipelines and gas compressor modules from various clients, including ONGC in India.

    Samsung Heavy Industries: A Global Player

    Samsung Heavy Industries garnered about $10 billion in contracts, with the Middle East and North America as its primary regions. A standout deal was a $3.44 billion contract for 15 LNG carriers from an unnamed Middle Eastern shipowner, slated for delivery by October 2028.

    Hyundai E&C: Middle Eastern Focus

    Hyundai Engineering & Construction secured over $7 billion, entirely from Middle Eastern contracts. The first quarter of the year alone brought in $5 billion, showcasing the company’s strong regional presence.

    Tecnicas Reunidas: Strong Performance in the Middle East

    Spain’s Tecnicas Reunidas brought in nearly all of its $6 billion in contracts from the Middle East. Notably, the company, in a joint venture with Sinopec Engineering Group, secured two major contracts worth $3.3 billion from Saudi Aramco for the Riyas Natural Gas Liquids fractionation facility.

    Hanwha Corp: Diverse Global Reach

    South Korea’s Hanwha Corp saw a balanced spread in its $5 billion contract portfolio, with Oceania contributing over half. A significant $1.84 billion contract for eight LNG carriers in Oceania highlighted its global capabilities.

    TechnipFMC: A South American Stronghold

    Rounding out the top ten, TechnipFMC secured $5 billion in contracts, with South America being its most active region. Major deals included a $1 billion contract from Petrobras for the Mero 3 High-Pressure Separation project and a substantial contract from BP for the Mad Dog Phase 2 project in the Gulf of Mexico.

    The past year has been monumental for the global oil and gas industry, with Saipem and its competitors setting new benchmarks in contract acquisitions. As the industry continues to evolve, these leading contractors are poised to shape the future of energy with innovative and strategic projects worldwide.


    Tina Olivero

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