Saipem Buys Lewek Constellation Vessel

Italian oil and gas contractor Saipem said it has reached a deal to purchase the pipelay, heavy lift and construction vessel Lewek Constellation for $275 million. The 2013-built DP3 rigid and flexible pipeline construction vessel had been previously owned by bankrupt EMAS Chiyoda Subsea.

 

Saipem said the vessel will be available for hire immediately and will be marketed globally, particularly in the Gulf of Mexico, North Sea and Norwegian Sea where the its characteristics are particularly suitable for submarine tie-backs.

 

Saipem CEO, Stefano Cao, said, “In the current economic scenario, the subsea tie-backs developments are becoming increasingly important as they maximize the utilization of the existing infrastructures at reasonable expenditures. Saipem was only partially participating in this market. The acquisition of the Constellation bridges this gap, expanding the set of future opportunities.”

 

“This acquisition is part of our strategy aimed at fostering Saipem subsea growth and will additionally contribute to enhance stronger relationships with our partner in the integrated SURF and SPS segment and with the clients mostly active in this market,” Cao said.

 

The Lewek Constellation will be purchased through the use of a portion of available liquidity, Saipem said.