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Saipem

Europe

Eni cleared to sell Saipem stake

Italy’s Eni has confirmed the European Commission has cleared its plans to sell a 12.5% stake in fellow Italian firm Saipem. The Commission has published its authorisation for the transaction following the positive outcome of the anti-trust procedure.

Oil & Gas

Aker Solutions teams up with Saipem for joint subsea work

Aker Solutions has teamed up with Saipem to cooperate on targeted susbea oil and gas development projects worldwide. The company will make the move through a joint work group which will identify opportunities where they can create value for customers by combining Aker's capabilities in subsea products and technologies with Saipem's assets and expertise in engineering, procurement and construction.

Oil & Gas

Saipem hires Bain to get in shape for cheaper oil

Italian oil contractor Saipem SPMI.MI is working with Bain & Company to draw up a restructuring plan to help it cut costs and counter falling oil prices that have sapped its order book and stretched its balance sheet, three sources said. Saipem, 43 percent owned by state-controlled Eni ENI.MI, has lost around three-quarters of its value in the last 30 months after a corruption probe in Algeria, two profit warnings and increasingly bleak business prospects. The cancellation of a Black Sea pipeline contract was the latest blow. (Full Story) "The plan is called 'Fit to 60' -- whipping the company into shape to deal with life with crude at $60 a barrel," a source with knowledge of the matter said. Low oil and gas prices have prompted majors and governments the world over to cut energy investments and shelve projects, starving oil service companies of business and forcing them to streamline operations.

Markets

Saipem posts strong performance in first quarter

Saipem has posted a better than expected profits boost in its first quarter results. The Italian oil services group, which is 43% owned by oil major Eni, said its earnings before interest and taxes came in at €159million.

Oil & Gas

Saipem awarded $1.8billion pipeline contract

Saipem has been awarded a $1.8billion engineering and construction contract from the Kashgan field project in the Caspian Sea. The deal, through its subsidiary ERSAI Caspian Contractor LLC, is for the construction of two 95km pipelines which will connect D island in the Caspian Sea to the Karabatan onshore plant in Kazakhstan.