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    SPM   IT0005252140

SAIPEM S.P.A.

(SPM)
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GLNG: Pair of Qatari deals

02/23/2021 | 06:46am EDT

Two separate LNG-related deals have been announced this week, involving Qatargas and its parent company, Qatar Petroleum (QP).
Italy’s Saipem said it had received a contract worth around $1.7bn from Qatargas for engineering, procurement, construction and installation (EPCI) of various offshore facilities at Qatar’s North Field. The facilities, for the extraction and transportation of natural gas, will be installed as part of Qatar’s project to expand its LNG production capacity to 110mn tonnes per year.
Separately, QP has struck a long-term deal to supply 1.25mn tpy of LNG to commodity trader Vitol for delivery to the latter’s customers in Bangladesh. Deliveries are set to begin later this year, from Qatar’s existing LNG production.
This comes as Bangladesh is facing growing demand for gas from various sectors, including industry, power plants and fertiliser plants.
Both deals come after QP announced a final investment decision (FID) on its North Field East (NFE) expansion project earlier this month and awarded the onshore EPC contract for the four LNG mega-trains included in the scheme to a joint venture between Chiyoda and Technip. The expansion is the largest single LNG project ever to be sanctioned, according to consultancy Wood Mackenzie.
In addition to the offshore EPCI contract, Saipem appears to be set to be awarded another. The Italian company said it had received a letter of intent (LoI) from Qatargas covering the contractual package for offshore export pipelines and related onshore work for the North Field expansion project. The award is subject to the finalisation of contractual details and Qatargas’ final approval.

 

©2021 bne IntelliNews , source Magazine

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Financials
Sales 2021 7 415 M 8 828 M 8 828 M
Net income 2021 -276 M -329 M -329 M
Net Debt 2021 1 549 M 1 844 M 1 844 M
P/E ratio 2021 -7,79x
Yield 2021 0,09%
Capitalization 2 180 M 2 598 M 2 596 M
EV / Sales 2021 0,50x
EV / Sales 2022 0,40x
Nbr of Employees 32 000
Free-Float 54,2%
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Technical analysis trends SAIPEM S.P.A.
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Mean consensus HOLD
Number of Analysts 20
Average target price 2,19 €
Last Close Price 2,19 €
Spread / Highest target 70,9%
Spread / Average Target -0,06%
Spread / Lowest Target -63,5%
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Managers and Directors
NameTitle
Francesco Caio Chief Executive Officer, Director & GM
Antonio Paccioretti CFO & Manager-Financial Reporting
Silvia Merlo Chairman
Paul Simon Schapira Independent Non-Executive Director
Roberto Diacetti Independent Non-Executive Director
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