Saipem has secured a contract worth roughly $2 billion for a floating production, storage and offloading (FPSO) unit serving a gas development in Southeast Asia jointly held by Eni and Petronas, Offshore-Energy.biz reported.

The award puts one of the region's largest gas-focused offshore packages into the hands of the Italian engineering and construction contractor. Eni and Petronas, the Italian major and the Malaysian state operator respectively, are partnering on the project, which targets gas production offshore Southeast Asia.

The contract value — about $2 billion — places the FPSO award among the more sizeable offshore awards announced this cycle. It covers the supply of the floating production unit that will handle output from the jointly developed gas fields.

Eni and Petronas have built a cooperative footprint across Southeast Asian upstream gas in recent years, pairing Eni's deepwater exploration track record with Petronas' regional infrastructure and market position. The FPSO contract signals both operators moving their joint venture from acreage holdings toward a defined development concept.

For Saipem, the award adds to an offshore E&C order book that spans SURF, drilling and floating systems work. A contract of this scale strengthens the contractor's position in the FPSO segment, where competition among Asian and European yards remains tight.

No startup date, water depth, or production capacity figures appeared in the initial report. Further detail on the FPSO's throughput specification, delivery schedule and the fields it will serve is expected as Eni, Petronas and Saipem release contract specifics.

The watch item: confirmation of the FPSO delivery timeline and the project's sanctioned production profile, which will determine whether this joint Eni-Petronas gas development reaches final investment momentum in the coming quarters.