Saipem to pay $275 million for Lewek Constellation

MARCH 22, 2018 — Italian contractor Saipem is to pay $275 million to acquire the Lewek Constellation. Delivered in 2013, the ultra deepwater rigid and flexible pipelay, heavy lift and construction vessel was previously operated by bankrupt EMAS Chiyoda Subsea.

Saipem says the vessel is “readily available to be promoted for commercial opportunities” and that it will be “marketed in all geographic areas including the Gulf of Mexico and the North and Norwegian Seas where the vessel characteristics make it suitable to pursue the subsea tie-back initiatives predominant in those areas.”

“We are pleased to announce this acquisition,” said Saipem CEO Stefano Cao. “The Constellation is the latest addition to Saipem world class fleet that will integrate our offering with reeling capabilities in order to safely and competitively respond to the needs of the subsea tie-back market. Indeed, in the current economic scenario, the subsea tie-backs developments are becoming increasingly important as they maximise 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.”

He said the 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.”

Saipem will acquire the vessel through the partial utilization of available liquidity.