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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Saipem    SPM   IT0005252140

SAIPEM

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Saipem : CEO says Saudi contracts part of natural gas shift

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07/10/2019 | 07:28am EDT
A staff member gestures on the Saipem 10000 deepwater drillship in Genoa's harbour

MILAN (Reuters) - Two contracts signed in Saudi Arabia for $3.5 billion (£2.8 billion) by Italy's oil contractor Saipem are part of a shift in the company's strategy to focus more on natural gas, Chief Executive Stefano Cao said on Wednesday.

MILAN (Reuters) - Two contracts signed in Saudi Arabia for $3.5 billion (£2.8 billion) by Italy's oil contractor Saipem are part of a shift in the company's strategy to focus more on natural gas, Chief Executive Stefano Cao said on Wednesday.

Saipem said on Tuesday it won two new contracts from Saudi Aramco for the development of land facilities of the Berri and Marjan gas fields, which are both located in the Arabian Gulf.

The gas contracts announced on Tuesday "confirm that this is the fundamental strategy for our company," Cao said.

Saipem shares rose 2.9% in Milan on Wednesday, outperforming a 0.8% rise in Italy's blue-chip index <.FTMIB>.

"The news is very positive and improves the visibility of our estimates on 2020-2022, in particular for the E&C (Exploration and Construction) onshore division", broker Equita said.

Cao met in Milan on Wednesday with Filipe Nyusi, the president of the Republic of Mozambique, where Saipem last month won a $6 billion exploration, procurement and construction contract for the Anadarko Mozambique liquefied natural gas project.

The Saipem CEO said Mozambique, a gas producer, would become one of the most important countries in the company's portfolio.

"In the energy transition (towards renewables) the gas chain will play a fundamental role," Cao said.

(Reporting by Giancarlo Navach, writing by Giulio Piovaccari, editing by Deepa Babington and Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
SAIPEM 0.26% 4.556 End-of-day quote.39.54%
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Financials (EUR)
Sales 2019 9 053 M
EBIT 2019 533 M
Net income 2019 105 M
Debt 2019 1 310 M
Yield 2019 0,27%
P/E ratio 2019 39,1x
P/E ratio 2020 19,6x
EV / Sales2019 0,65x
EV / Sales2020 0,57x
Capitalization 4 539 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 5,53  €
Last Close Price 4,56  €
Spread / Highest target 58,0%
Spread / Average Target 21,4%
Spread / Lowest Target -14,4%
EPS Revisions
Managers
NameTitle
Stefano Cao CEO & Non-Independent Executive Director
Francesco Caio Chairman
Federico Ferro-Luzzi Independent Non-Executive Director
Maria Elena Costanza Cappello Independent Non-Executive Director
Claudia Carloni Non-Independent Non-Executive Director
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