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Saipem Wins $1 Billion Contract for Canadian Oil Sands Project

Dec. 3 (Bloomberg) -- Saipem SpA, Europe’s largest oil-field service provider, won an onshore contract worth about C$1 billion ($1 billion) for the Sunrise Energy Project in Canada.

The contract is for the engineering, procurement and construction of two plants that will produce a total of 60,000 barrels per day of bitumen, Milan-based Saipem said today in a stock exchange statement.

The contract was awarded by Husky Energy Inc. for the oil sands project northeast of Fort McMurray, Alberta, according to Saipem.

BP Plc and Husky agreed this week to start work on the first phase of the project. They said they planned to award about C$2 billion in contracts with the first oil scheduled for 2014.

To contact the reporters on this story: Alessandra Migliaccio in Rome at amigliaccio@bloomberg.net;

To contact the editor responsible for this story: Will Kennedy at wkennedy@bloomberg.net.

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