Saipem’s board of directors has approved an agreement with Eni for the sale of the Firenze FPSO business line for €336 million ($462.3 million). Eni will purchase the Firenze FPSO, which is currently deployed in the Eni-operated Aquila field off the coast of Puglia, together with its onboard processing plant.

The sale also includes existing related contracts, including those in place with production and vessel operations personnel. The contract, signed with Eni in 2009, provided for the option to purchase the Firenze subsequent to conversion and commissioning, which was completed at the end of last year.

The agreement provides for the transfer of the Firenze FPSO business line to a newly established company, Floaters SpA, and the subsequent sale of the entire share capital of Floaters to Eni.

As part of the purchase agreement, Saipem has agreed to provide Floaters SpA with ship management services for an interim period in order to facilitate the management of operations during the initial post-sale phase. Saipem will also carry out completion activities on the vessel.