$30 billion LNG project nears FID: Saipem confirms preliminary award shortly after McDermott
What happened
Saipem has signed a letter of intent for preliminary engineering and procurement work on the ExxonMobil‑led Rovuma LNG Phase 1 project. The LOI funds limited early EPC activities (noted preliminary spend) while the full EPC award remains conditional on FID and government/regulatory approvals. Watch FID and approval sequencing closely because those events will materially change fabrication, module and specialist crew demand
Why the category manager should care
Treat the LOI as a near‑term demand signal for long‑lead items and yard capacity, but do not assume the full EPC award without FID and approvals
Key facts
- Letter of intent covers limited preliminary engineering and procurement activities
- Preliminary procurement value documented in the LOI
- Final EPC award remains subject to FID and government/regulatory approvals