Saipem, through its controlled company ERSAI Caspian Contractor LLC, has been awarded a major engineering and construction contract in the Caspian region.

The contract awarded to ERSAI, in consortium with Daewoo Shipbuilding & Marine Engineering Co., is worth about $1 billion, Saipem said in the release. The contract scope includes yard engineering, fabrication and precommissioning activities as well as the load-out of 55,000 tons of pipe racks.