Eni Mulls Mozambique LNG Supply Deal
Italian oil and gas group Eni is holding discussions with a potential buyer of liquefied natural gas (LNG) supply from its floating export project in Mozambique, an executive said on Thursday. "We are in discussions with a potential buyer, a key term agreement has been finalised," which…
Saipem Profit Tops Forecasts as Contract Margins Pick Up
Italian oil services group Saipem on Monday reported stronger than expected first-quarter operating profit thanks to healthier profit margins from new orders. Saipem, 43 percent owned by oil major Eni, is trying to phase out so-called low-margin legacy contracts that were awarded before 2013 and have weighed on profitability.
Stefano Cao Tapped to be Saipem CEO
Former Eni manager Stefano Cao will be appointed chief executive of Italian oil service company Saipem to replace Umberto Vergine at a shareholder meeting in April, two sources close to the matter said. "There's a consensus in the company and government on this position," one of the sources said.
Eni Puts Saipem Stake Sale on Hold
Italian oil major Eni has put the sale of its stake in Saipem on hold after the cancellation of the lucrative South Stream gas pipeline project and plunging oil prices shaved off almost half the oil contractor's market value in two months. In July state-controlled Eni laid out plans to sell assets…
Saipem in Talks to Lay Two New Pipelines in Kashagan
Italian oil service group Saipem is in talks with the consortium that operates the giant Kashagan oil field to lay two new pipelines that will replace damaged pipes that have halted production at the field, CEO Umberto Vergine said on Tuesday. "We're talking of a (potentially) significant contract," Vergine told analysts.
Saipem in Subsea Deal with Chiyoda, Xodus
Italian oil service group Saipem said on Thursday it had set up a venture with energy consultant Xodus Group and Japanese engineering company Chiyoda to develop business in the subsea sector. Saipem, 43 percent controlled by Italian oil major Eni , said the new company called Xodus Subsea would provide services focusing on the early phase of projects.
Saipem Bags $750m E&C Contracts in Gulf of Mexico
Saipem has been awarded new offshore Engineering & Construction contracts in the Gulf of Mexico, for a total amount of approximately $750 million. Pemex has awarded Saipem an EPCI contract for the development of the Lakach field, located 98 km southeast of Veracruz and 131 km northwest of Coatzacoalcos…
Saipem Board Confirms Vergine as CEO
The Board of Directors of Saipem S.p.A. convened today and, in compliance with the resolutions taken by the Shareholders’ Meeting on May 6, 2014, confirmed the appointment of Umberto Vergine as CEO of Saipem S.p.A. The Board of Directors applied the evaluation criteria set forth in the…
Saipem Awarded Engineering and Construction Contracts
Saipem has won four new engineering and construction contracts, onshore in Saudi Arabia and offshore in Brazil, for a total amount of approximately $4 billion. Saipem has been awarded by Saudi Aramco three contracts in Saudi Arabia for onshore engineering and construction activities.
Saipem: No Complaints about Kashagan Leaks
Italian oil industry services company Saipem said on Tuesday it had not received any complaint regarding pipes it laid for the giant Kashagan offshore oil field in Kazakhstan where production has been halted due to leaks in the network. Production at Kashagan, the world's biggest oil find in 35 years…
Saipem CEO: Russia "Extremely Determined" on South Stream
Russia is very keen to press ahead with construction of the South Stream pipeline that will carry Russian gas to Europe avoiding Ukraine, the CEO of Italian oil service group Saipem said on Thursday. "The client is extremely determined to go ahead," Umberto Vergine said in a conference call with analysts.
Saipem: A Fleet Grows in Brazil
As some pre-salt plays begin production, a wide range of subsea infrastructure is being built, with O&G transportation pipeline grids being one of the vital downstream systems. Saipem has been recipient of the first major contracts to install deepwater pre-salt pipelines by national operator Petrobras.
