Saipem has been awarded by Petrobras a four-year extension to the Cidade de Vitória FPSO lease contract at Petrobras’ Golfinho Field, in Brazil’s Espirito Santo Basin, as well as a contract for modification and upgrading of the leased FPSO vessel. The total value of the two contracts is approximately $450m.
The Cidade de Vitória FPSO, owned and operated by Saipem, has been under a lease and operation contract to Petrobras since 2005.

The modification works that Saipem will carry out on the vessel are valued at approximately $110m. The works will increase the produced water treatment capacity and allow the connection of two additional gas wells with a high level of condensates by the first quarter of 2016.

The Eni subsidiary was also awarded a two-year lease extension and operation contract for the Gimboa FPSO in Angola. The FPSO is owned and operated by Saipem, and has been under a lease and operation contract in since 2006.

The contract is extended to the first quarter of 2017 and the two-year extension has a value of approximately $150m.