Italy’s Saipem and South Korea’s Daewoo E&C Co. Ltd have signed a strategic agreement for cooperation on targeted worldwide opportunities in the onshore oil and gas industry, with specific emphasis on the LNG sector, Trend reports citing Saipem.
By combining both companies’ assets and expertise in engineering, procurement and construction of onshore facilities, the two companies will focus on specific prospects with the target of creating efficiency and value to their customers.
The strategic alliance enhances and capitalizes on complementarity and synergies across the whole EPC value chain and establishes a key player capable of delivering superior solutions in global LNG construction.
Saipem is a leading company in engineering, drilling and construction of major projects in the energy and infrastructure sectors. It is “One-Company” organized in five business divisions (Offshore E&C, Onshore E&C, Offshore Drilling, Onshore Drilling and XSIGHT, dedicated to conceptual design). Saipem is a global solution provider with distinctive skills and competences and high-tech assets, which it uses to identify solutions aimed at satisfying customer requirements. Listed on the Milan Stock Exchange, it is present in over 70 countries worldwide and has 32 thousand employees of 120 different nationalities.
Daewoo E&C has been a leader in the construction industry in South Korea since its founding in 1973. Daewoo E&C is recognized as a world-renowned global construction company, and aims to be a Global Top 20 by 2025.