Saipem Inks Deal with Daewoo for Onshore Projects

Italy's Saipem said on Monday it signed a strategic agreement with Daewoo E&C Co. for cooperation in the onshore oil and gas industry, with a specific focus on the liquefied natural gas (LNG) sector.

"LNG is strategic for us and we are definitively focusing on it to consolidate our onshore E&C activities and results," said Maurizio Coratella, COO of the Saipem Onshore E&C division, in a statement.

The deal will combine both companies' assets and expertise in engineering, procurement and construction of onshore facilities, the statement added.

(Reporting by Giancarlo Navach, editing by Giulia Segreti)