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As of 11:30 AM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

saipem spa (SPM) Snapshot

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06/13/14 - €21.00
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10/28/13 - €14.81
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saipem spa (SPM) Details

Saipem S.p.A. operates as a turnkey contractor in the oil and gas industry worldwide. It offers engineering, procurement, project management, and construction services for offshore and onshore projects. The company is engaged in the construction of trunk lines, export pipelines, and infield flow lines, as well as pipe-in-pipe, bundles, tie-in, and riser systems for the transportation of oil, gas, and multi-phase products. It also develops subsea deepwater fields; provides subsea construction services, such as subsea field development, and remotely operated vehicles and remote intervention systems operations, as well as subsea inspection, maintenance, and repair; and installs offshore structures, including modular deck drilling and production platforms, well-head, and accommodation platforms. In addition, the company is involved in constructing marine terminals, conventional buoy moorings, jetties, and piers. Further, it provides integrated solutions for large upstream facilities, including oil and gas production, treatment and processing plants, pipeline systems, pumping and compressor stations, and marine terminals; and designs and constructs natural gas liquefaction and regasification facilities, onshore transportation systems, oil refineries, petrochemicals and gas monetization plants, power plants, harbors, and jetties, as well as offers integrated environmental and remediation technologies and services. Additionally, the company operates as a drilling contractor; and owns and operates a fleet of vessels, including construction, drilling, and floating production storage and offloading vessels, as well as yards. The company is headquartered in Milan, Italy.

49,497 Employees
Last Reported Date: 08/6/14

saipem spa (SPM) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: €683.0K
Compensation as of Fiscal Year 2013.

saipem spa (SPM) Key Developments

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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