Saipem wins $3 billion Nigeria contract

ROME Tue Jun 25, 2013 5:42am EDT

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ROME (Reuters) - Saipem (SPMI.MI) won a $3 billion contract to develop an underwater field around 100 kilometers off the coast south of Port Harcourt in Nigeria, the Italian oil services group said on Tuesday.

Saipem, under mounting pressure after issuing a second profit warning in less than 5 months last week, said the contract covered engineering, procurement, fabrication and installation of 52 kilometers of pipelines and other mooring and loading systems.

The work is due to take place in 2016, continuing into the second quarter of 2017, the group said in a statement.

(Reporting By James Mackenzie)