Saipem SpA, an Italian oil services company, said Friday it won two new contracts in Peru and Saudi Arabia worth $1.42 billion.

Saudi Arabia's state owned oil company, Saudi Aramco, contracted Saipem to build a gas oil separation plant at its Khurais field, 112 miles northeast of the capital Riyadh, Saipem said in a statement. The work is expected to be completed in the second quarter of 2009.

In Peru, Saipem has been contracted by Peru LNG to develop in conjunction with Constructora Norberto Odebrecht and Jan de Nul Group marine export facilities at the Pampa Melchorita liquid natural gas facility 125 miles south of Lima.

Saipem is 43 percent owned by Eni SpA, one of Italy's largest companies.

The company's shares rose 0.7 percent to euro16.77 in Milan trading.

Energy