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Saipem (SAPMF) Proceeds With Whiptail Oilfield Project in Guyana

Zacks Equity Research
·2-min read

Saipem S.p.A SAPMF, the Italian offshore services company, has received the approval to proceed with the Whiptail oilfield development project from ExxonMobil Guyana, an affiliate of Exxon Mobil Corporation XOM and its coventurers in the Starbroek Block. The project is located offshore Guyana at a depth of approximately 2,000 meters underwater. Saipem has been granted the authorization following the final project sanction by the clients and the attainment of all necessary regulatory clearances.

Saipem will be responsible for detailed engineering, procurement, construction and installation (EPCI) of a subsea production facility for the Whiptail oilfield development project. The company secured the contract in November 2023 and the value of the same ranges between $750 million and $1.5 billion.

SAPMF stated that it has already begun the initial tasks for the project, including the detailed engineering and procurement of the long lead items. With the authorization, the company can advance with the execution of the remaining project activities.

For offshore installation, Saipem will deploy its vessels — FDS2, Castorone and Constellation. Additionally, for the on-site construction of some of the submarine items, the company will dispatch its Guyana Offshore Construction Facility, situated at the Port of Georgetown, and an additional local fabrication facility. Saipem’s efforts for the development of the Whiptail oilfield project demonstrate its strong commitment to sustainable growth in the country.

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ExxonMobil Guyana has awarded five additional contracts to Saipem for projects within the same region. These projects include Liza Phase 1 and Phase 2, Payara, Yellowtail and UARU.

Zacks Rank and Other Key Picks

Currently, SAPMF holds a Zacks Rank #2 (Buy) and XOM has a Zacks Rank #3 (Hold).

Some other top-ranked stocks in the energy sector are Archrock Inc. AROC and SM Energy SM. Archrock and SM Energy presently sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.

SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior- year reported figure, signaling a bright production outlook.

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Exxon Mobil Corporation (XOM) : Free Stock Analysis Report

SM Energy Company (SM) : Free Stock Analysis Report

Archrock, Inc. (AROC) : Free Stock Analysis Report

Saipem (SAPMF) : Free Stock Analysis Report

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Zacks Investment Research