(Yicai) Sept. 22 -- Bomesc Offshore Engineering, a Chinese engineering, procurement, and construction provider, has signed a USD220 million deal for an offshore oil and gas field project in Qatar with a subsidiary of Italian multinational oilfield services provider Saipem.

Bomesc’s unit will build the compression facility of an oil and gas field in the North of Qatar for Servizi Energia Italia, the Tianjin-based parent company announced yesterday.

Saipem was founded in 1957 in Milan. Its main businesses cover fixed and mobile platforms, distributed control systems for subsea oil and gas extraction, underwater pipelines, and robots for deep-sea mining.

The deal will positively affect the company’s business performance this year and for the years to come, Bomesc added, without disclosing the specific financial estimates.

Bomesc designs professional electronic modules, mainly for offshore oil and gas projects, liquefied natural gas plants, and mining projects, and offers services to high-end international customers from the mining and energy industries.

Bomesc reported a net loss of CNY71 million (USD9.8 million) in the first half of the year, versus a net profit of CNY50.7 million a year earlier. Revenue fell 42 percent to CNY900 million (USD123.3 million).

Bomesc’s shares [SHA: 603727] were trading down 0.6 percent at CNY13.42 (USD1.84) as of today’s lunch break in Shanghai.

Editor: Futura Costaglione