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As of 4:30 PM 09/3/14 All times are local (Market data is delayed by at least 15 minutes).

saipem spa (SAPMF) Key Developments

Saipem Wins Pemex Offshore E&C Contract

Saipem has been awarded engineering and construction contracts in the Gulf of Mexico for around $750 million. Pemex awarded one of the contracts for the offshore development of the Lakach field, at a water depth of 850-1,200m. The scope of work of the contract involves the engineering, procurement, construction and installation of the system connecting the offshore field with the onshore gas conditioning plant. This includes two 73 km long 18-inch diameter flowlines for the transportation of gas, and a main umbilical approximately 50 km long. Saipem will also develop subsea umbilicals, riser, flowlines (SURF) systems at Lakach. The whole project is to be completed by end-2017. Protexa has also awarded Saipem a contract for the transportation and installation of offshore structures, including two 3,000t platform decks in Mexico's Campeche bay that are part of Pemex's development in shallow waters.

Saipem Announces Directors Changes

The Board of Directors of Saipem has appointed as Director Francesco Gattei replacing Fabrizio Barbieri, who resigned in August. Francesco Gattei is a non-executive, non-independent Director and he is not member of any internal committee. He currently holds the position of Senior Vice President Scenarios, Strategic Options & Investor Relations in Eni.

Saipem SpA Reports Earnings Results for the Second Quarter Ended June 30, 2014

Saipem SpA reported earnings results for the second quarter ended June 30, 2014. For the period, the company reported net profit was €75 million, compared to a net loss of €440 million a year ago. Operating revenues were €3.07 billion compared to €2.25 billion a year ago.

Saipem Wins Drilling Contracts Worth Approximately $850 Million

Saipem S.p.A. has won new drilling contracts in Indonesia, Nigeria, the Arabian Gulf and Latin America worth approximately $850 million of which $540 million are related to offshore activity and refer to four different units of Saipem's fleet. Saipem has signed with Eni Muara Bakau B.V. a contract for the utilization of the Scarabeo 7 which will be operating offshore Indonesia drilling a minimum of 12 wells; the project is estimated to be completed in first quarter 2017. The vessel will remain under contract with Eni until February 2018. Scarabeo 7 is a fifth generation semi-submersible drilling rig, capable of operating in water depths of up to 5,000 feet. Furthermore, in West Africa the contract for the Scarabeo 3 has been extended to March 2015. Scarabeo 3 is a second generation semi-submersible drilling rig, with capacity to operate in water depths of up to 1,500 feet. In addition, NDC has extended the contract for the jack-up rig Perro Negro 2 for 24 months, starting from January 2015, for activities in the Arabian Gulf. In Ecuador, EP Petroamazonas has extended by 10 months the charter of the jack-up rig Ocean Spur, operated (not owned) by Saipem until the end of the first quarter of 2015. Both these jack-up are rigs capable to operate in water depths of up to 300 feet. In relation to onshore drilling, Saipem has been awarded by different client’s new contracts worth approximately $310 million, relating to 31 drilling rigs in South America: 21 in Venezuela, 7 in Peru, 2 in Colombia and one in Ecuador. The contracts have been signed under different terms, varying from three months to two years, and starting at different times during 2014.

Eni SpA To Sell Stakes In Saipem And Rovuma Gas Field

Eni SpA (BIT:ENI) is planning to sell all or part of its stake in Saipem SpA (BIT:SPM) and shedding up to 20% of its giant Rovuma gas field in Mozambique. Eni SpA’s Chief Executive Officer Claudio Descalzi said, "We like Saipem but it's not core to be in a contractor company...It's more a strategic move for us than a need for cash." Eni SpA expects to take a final investment decision on its Rovuma gas field and several floating LNG production plants later in 2014. Proceeds from the Eni SpA's planned €11 billion of disposals will be used to accelerate its makeover into a slimmer exploration and production (E&P) player focused on reserve growth in sub-Saharan Africa and Asia as it targets an annual output growth of 3%.

 

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