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Saipem-Clough JV signs $2.7 billion contract in Australia

Reuters
A Saipem logo in seen on the bridge of the Saipem 10000 deepwater drillship in Genoa's harbour

MILAN (Reuters) - Italian energy group Saipem said on Friday its 50-50 joint venture with engineering company Clough had signed a new engineering, procurement and construction (EPC) contract for the Perdaman Urea Plant in Australia worth around $2.7 billion.

The agreement replaces the one previously announced at the end of 2020 - which was worth $2.4 billion but was removed from Saipem's backlog at the end of March 2022 - and reflects the recently changed market scenario, Saipem added.

(Reporting by Agnieszka Flak, editing by Giulia Segreti)