Saipem Expands Sakarya Involvement With New Commissioning Award
Saipem S.p.A. SAPMF, an Italian drilling, engineering and construction services provider to the energy industry, recently secured a contract to provide commissioning services for the Osman Gazi floating production unit (FPU). The FPU is slated to be used for the development of the Sakarya natural gas field in the Black Sea. The contract was awarded by GOE Petrol Sanayi and is estimated to have a duration of eight months.
The new contract adds to Saipem’s earlier involvement in the project. The company was previously awarded an Operation Readiness & Assurance support services contract in April this year. This highlights SAPMF’s expanding role in one of the most significant energy projects around the globe. Saipem will use its differentiated knowledge and expertise in commissioning complex offshore energy structures while maintaining high-quality standards for the assignment.
The Sakarya gas field is operated by Turkish Petroleum Corporation. The field was discovered in August 2020, about 170 kilometers offshore Turkey in the Black Sea. The water depth at the site is approximately 2,150 meters. This is one of Turkey’s most important natural gas discoveries and supports the country's efforts to increase its domestic gas production. The new contract award also benefits Saipem by expanding the company’s role in a major offshore gas project and further solidifying its presence in the Turkish market.
SAPMF’s Zacks Rank & Key Picks
SAPMF currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Par Pacific Holdings PARR, Valero Energy VLO and Galp Energia SGPS SA GLPEY. While Par Pacific and Valero sport a Zacks Rank #1 (Strong Buy) each, Galp Energia carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in the refining and marketing of oil products and gas, as well as marketing and sales.
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This article originally published on Zacks Investment Research (zacks.com).
