Daewoo Engineering & Construction (Daewoo E&C) signed an agreement with Saipem of Italy on Oct. 22 to forge strategic partnerships in the global onshore oil & gas sector centered on the LNG business.
Through the signing of the agreement, the two companies will provide the best efficiency and value to customers by combining their assets, experiences and technology in the engineering, procurement, and construction field.
In particular, the company will secure the status of a leader in providing the best solution in the global LNG business through synergies of all phases of business, from design to construction.
"Through the strategic partnership with Saipem, a global advanced engineering firm, Daewoo E&C has earned the global recognition of its LNG construction capabilities and further strengthened its engineering capabilities in the LNG business sector," said Kim Kwang-ho, head of Daewoo`s plant business division.
In addition, regarding the selection of Daewoo E&C as the preferred bidder for the LNG Train7 project in Nigeria in September in cooperation with Saipem, he added, "It is very significant that our company has entered the LNG EPC primary business."
"The high value-added LNG business, which can only be carried out by a small number of companies with proven technology worldwide, is a strategic business area of Saipem, and we have proven technology and experience for a long time and will focus our capabilities in the LNG business in the future," said Maurizio Coratella, chief operating officer of Saipem.
"The strategic partnership with Daewoo E&C will provide what global customers want based on both companies' differentiated capabilities and experiences in the LNG market," he added.